What Is Whole Life Insurance 

What Is Whole Life Insurance

Whole life insurance is a type of coverage designed to cover you for your entire life, with a guaranteed death benefit pay out on the unfortunate, but inevitable, event of your death. It is one of the most common types of life insurance available. As you might have already guessed, whole life insurance covers you for your whole life. As opposed to other policies like term life coverage, which will only cover you for a certain period of time, whole life is designed to be a solution for your entire life. There are several advantages and disadvantages to this type of policy when compared to others, so before you make any decisions on what policy to get, make sure you get a clear picture of your insurance needs and your personal health and financial situation to be sure you get what you need.

Advantages and Disadvantages for Whole Life

The first advantage of getting whole life coverage is that you do not have to worry about renewing your policy, since it only expires when you do. For other types of coverage, like term, once the designated time period is over you then have to renew your policy, which will almost certainly be at a higher premium price than before since you are older and wiser, and unfortunately, statistically closer to death. With many companies you can also get a flat premium rate for whole life policies that does not increase over time, like other policies might. You can even get a cash value on your policy that generates a value over time that you can sometimes withdraw or borrow against. The largest and most off-putting disadvantage for whole is that it is almost always much more expensive than a term life insurance policy.

Comparing Whole Life Vs Term Life Insurance

Issue Term Whole
Price Generally lower premium Higher premium
Coverage length Designated time period, usually able to renew Never expires, keep for life
Other benefits Can get longer coverage for the same price compared to whole Generates a cash value you can withdraw or borrow against

Getting Help Finding the Best Whole Life Policy

With so many nuances and little details to be aware of and compare between policies, it can be overwhelming to say the least to be confident in the decisions you make while shopping for life insurance. Instead of going into the process blind and on your own, instead take a few moments to complete our quick form and we can use our proprietary matching software to connect you to an expert agent who can help guide you through all of these things. They can also help you get a clear assessment of your needs, even if you need special things like life insurance with medical conditions, and how to get a policy that will cover every concern you have and give you the peace of mind and financial security that you deserve.

Is Whole Life Insurance is Right for You?

  • Do you want coverage for your entire life?
  • Do you want to pay a consistent premium over the length of the coverage?
  • Would you like the benefit of a cash value on your policy?

Disclaimer: TermLifeInsuranceUSA.com is not a licensed insurance agency or broker. The content of this website is for informational and comparative purposes only and is not intended to take the place of professional advice from a licensed insurance agent. TermLifeInsuranceUSA.com recommends that all consumers consult with a licensed insurance agent before purchasing any insurance policy.

What Makes Us Different?

Hassle-Free Process

It only takes a few minutes to get the ball rolling by filling out our simple application form. With just a little information about you and your situation, we can connect you to the perfect agent who can meet your needs.

Specially-Matched Agents

Our proprietary matching logic does all the work of finding the right agent to handle your case so you don't have to. Finding someone who can truly understand your situation is very important in the process of buying life insurance.

Helpful Agent Support

Buying life insurance is a very important decision, and we want to make sure that every question and concern you have is addressed to your satisfaction. Our agent support is here and ready to help you out!

Data Driven Analytics

To pair you with the best agent available, we aggregate data from all across the industry and rely on science and math to determine the right insurance agent for you. We constantly refine our data models and continually strive to improve.

Fast. Simple. Free. Find the Perfect Agent for You

We analyze your situation in real-time comparing your needs to the offerings of our agent network, and our proprietary matching logic will immediately connect you to the right life insurance agent to help you get exactly what you need.

Get Started

Latest Blog Posts 

Life Insurance for Ex Smokers

Life Insurance for Ex Smokers

It's possible to get life insurance even if you're a former smoker or have other underlying health i...

Can You Get Life Insurance After a Heart Attack

Can You Get Life Insurance After a Heart Attack

It is still possible to get life insurance after a heart attack if consumers know what to look out f...

What You Should Know About Life Insurance for Diabetics

What You Should Know About Life Insurance for Diabetics

If you are one of the millions of Americans who have diabetes, you will need life insurance benefits...

Can You Get Life Insurance If You Are in the Military

Can You Get Life Insurance If You Are in the Military

The automatic policy offers some protection, but it may not be enough. It's important for military m...