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If you want to keep your life insurance 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. 

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.


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.


If you are looking for a permanent life insurance policy, whole life insurance can be the way to go. 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.

Before you buy a plan, let’s do the math. Your family relies on you, if you weren’t there anymore, they are going to have some serious financial setbacks.

Adding up your family’s insurance needs is simple. It’s basic math. All you have to do is combine all your debts, and multiply your paycheck. The two goals are to pay off your bills 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 you shouldn’t count them out of your 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. To save money, you have to change.

Whole life insurance is expensive, let’s look at the ways you can trim down your premiums. To start,  let’s take a long and hard look at your bad habits. Do you smoke? Quit! You can’t enjoy your cigarettes and have cheap coverage. Either you are going to continue to smoke, or you’re going to get cheap life insurance, you can’t have both of them.

You should also consider improving your health through food and activity. Just like they told you health class, if you eat junk food and are a couch potato, then you’re going to be in bad health. Change your lifestyle and you will have more energy and more money in your pocket.

If you’re looking for a quick tip to save money on life insurance, we’ve got you covered. Want to save money? Give us a call. Every company says they have the cheapest life insurance, but we are different. We don’t operate with one company, we have the contracts to sell from 50 companies.

Working with one of our agents gives you the ability to buy a plan from 50 companies all at once. We can offer you unbiased advice in the search for the cheapest plan or for the right kind of coverage.

If you want to get life coverage now, just give us a call. We can get the process started and steer you in the right direction.