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Whole Life Insurance Quote Facts

Why Get Whole Life Insurance?

Whole life insurance is a policy that covers you for your whole life-as long as you pay the premiums, of course. It differs from term life insurance in that term only covers you for a specific amount of time, perhaps a decade or two while you still have dependents at home. Whole, on the other hand, covers you until you die. Many choose to make a term policy their first policy, and then after their dependents are no longer dependent, they switch to a whole life policy with a lower level of coverage to see them through the remainder of their lives.

How Do I Get a Whole Life Plan?

There are a couple of different ways to get a whole life policy. First, you can go to your local agent and tell them face-to-face what your needs and plans are for your whole life policy. They will ask you questions about your health, your family, your lifestyle, and they may require that you have a medical exam before they can sell you a whole life policy. They will then be able to give you a quote, so that you will know what kinds of premiums you can expect to pay.

Another way you can get a quote for this type of plan is to go on line and research the insurance companies and the comparison sites that you can find there. Comparison sites like this one will take your information, such as age, health, smoking status, and the kind of coverage you want, and show you the different rates offered by different insurance companies for a whole life policy that meets your needs.

What Kind of Rates Will I Be Quoted?

Rates can differ with different kinds of whole life policies. You can get traditional whole life, interest-sensitive whole life, and single premium whole life policies. The traditional type can guarantee you a minimum rate of return on the cash value of your policy, while an interest-sensitive policy offers a variable rate on your cash value. That means that it will vary in value depending on the prevailing interest rates. Interest-sensitive whole life policies also allow you to control more aspects of your policy; you can even increase your death indemnity without increasing your monthly premiums. Single premium whole life policies mean that you pay for the policy with a large sum of money-the single premium-that you pay once for all time. This kind of policy still continues to accrue interest and cash value. Ask your agent which plan is best for you.

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