Whole Life Insurance Rates

by Jeff Rose on May 10, 2017 · 0 comments

When shopping for life insurance you will find, as with many other things, you have some options to research and think about before making a decision.

Especially with something as large of a purchase as life insurance, it is good to be well informed before deciding which policy is right for you. Whole life insurance is something that you will be purchasing for life.

If you want to hold on to your life insurance policy for the remainder of your life instead of a set time, you may want to look into whole life. There are things to understand about it that make whole life insurance rates different from term life insurance, for example.

When you’re shopping for life insurance, it can be a difficult decision, because of all the different options available. Each kind of policy has different advantages that you’ll need to consider based on your insurance needs. Because it’s an important purchase, it’s vital that you make the best decision for your family.

Cost of Whole Life Insurance

whole life insurance ratesOne of the major differences is the cost of whole life insurance rates compared to term life. They will generally be higher, because you are purchasing it for the rest of your life. This much higher premium may seem like a downfall of the insurance, but the other reason your premiums are high is because part of the money goes into a tax-deferred cash account.

If you ever decided to cancel the policy for some reason, you should receive the cash value of the account back.

You may also borrow against your policy if needed, and when you die the amount you owe, if any, is deducted from the payout.

Diversify

You do have options even when purchasing whole life term insurance. A lot of investors recommend buying a low rate whole life insurance policy, and using other money to make different kinds of investments. This way you should have investments that have a higher return on the investment than a whole life policy.

Getting A Quote for Whole Life Insurance

Getting your rate on a whole life term policy is fairly easy to do. You can do it right online with multiple different companies, filling in and answering some basic questions like your height, weight, date of birth, the type of coverage you are looking for and probably things like are you a smoker, do you have a hazardous job, etc.

After going on to fill out your personal information, such as your name, address and phone number, you will probably get a list of different insurance providers who will contact you to give you their quotes.

Of course, if you would rather, you may also call these companies from the start if you want to talk directly to a person and not have to enter your information online.

Benefits

If you are looking for a permanent life insurance policy, whole life insurance can be the way to go. On the other hand if you buy term life insurance instead, it will only be for a certain amount of years, and if you want it for a longer period you will have to renew your policy.

Remember, even though whole life insurance premiums start out higher, some of the money does go into funding the cash account and the rates do not rise over time like a term life insurance premium would. So be sure to weigh your options first, and look over where you are at in your life, to help you decide what is best for you.

Whole Life Insurance – how much do you need?

Whole life insurance policies are not the best choice for everyone, but they are still an excellent option to get insurance coverage. If you don’t want to worry about every reapply for life insurance coverage in the future, then a whole life policy can be an excellent option for you.

Regardless of which type of insurance that you choose, it’s vital that you purchase enough life insurance for your family. Not having enough life insurance is one of the worst mistakes that you could make for your loved ones. If your policy is too small, it could leave your family with leftover bills and no money to cover those expenses.

Before you buy a plan, term or whole, you should calculate what your life insurance needs are. There are several different categories that you’ll need to account for, your debt and your salary. The two main purposes of your life insurance are to give your family the money that they need to pay off your debts and replace your salary.

Getting Lower Insurance Premiums

As we mentioned, one of the most significant disadvantages to these plans is that they are going to be more expensive, but that doesn’t mean that you should automatically rule them out of your insurance search.

Whole life insurance policies are going to be more expensive than a term insurance plan. While these plans are going to be expensive, there are some still ways that you can get an affordable plan that doesn’t break your bank every month. Making a few simple changes could help you save hundreds of dollars on your insurance coverage.

The first thing that you should do is kick your bad habits like smoking. If you’re listed as a tobacco user on your application, you can expect to get much higher rates. In fact, smokers are going to pay twice as much for their life insurance coverage versus what a non-smoker is going to pay for the same amount of coverage. If you want to save money on your plan, it’s time that you cut out those cigarettes once and for all. It could save you thousands of dollars on your insurance coverage.

The next thing that you should do is improve your health. Before the insurance company approves your application, they are going to require that you undergo a medical exam. The results of the medical exam are going to play a major role in how much you pay for your coverage. If you want to get better rates, you’ll need to get better results from the medical exam, and there are several ways that you can do that.

The first thing that you should do is start getting regular exercise. Hitting the gym can help you lose weight, lower your blood pressure, lower your cholesterol, and reduce your risk of being diagnosed with severe health complications. If you want to save money on your life insurance, you’ll need to lace of those running shoes and hit the pavement. It could cut your premiums by 50%. You don’t have to be a professional weightlifter to get affordable insurance policy.

The best way to ensure that you’re getting the lowest insurance premiums available is to compare dozens of quotes before you decide which one is going to work best for you and your loved ones. Every insurance company is different, and all of them are going to view your application differently, which means that you could receive drastically varying rates depending on which company that you get the quote from.

Instead of wasting hours and hours on the phone calling different agents, working with one of our independent insurance agents can save you both time and money on your life insurance coverage. Unlike a traditional insurance agent, our independent brokers work with dozens of highly rated companies across the nation. Our agents have years of experience helping clients connect with the best plan to meet their needs. Because rates can vary widely, working with one of our agents can save you hundreds of dollars on your insurance plan.

Whole Life Insurance, What You Need To Know

Life insurance is the best investments that you’ll ever make for the future security of your loved ones. It’s the best way to know that they will have the money that they need, regardless of what happens to you tomorrow. Nobody likes to think about his or her death, but it’s important that you plan for the worst.

If something tragic were to happen to you, and you didn’t have life insurance coverage, your family could be responsible for hundreds of thousands of dollars of debt, which is going to make the situation financially troubling as well.

Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the insurance coverage that your family is going to need. We know that finding the perfect life insurance plan can be a complication search, but it doesn’t have to be. Our agents are here to make it as easy and straightforward as possible.

If you have any questions about whole life vs term insurance or about how you can get the lowest insurance rates for your plan, please contact one of our agents today. If you need help deciding between a whole life insurance plan or a term insurance plan, our agents can walk you through the decision making process and ask you questions that will show you which type of coverage will fit your needs the best. It’s our mission to ensure that you’re getting a quality insurance plan at an affordable rate.

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