Whole of Life Insurance Quotes

whole of life insurance quotes

Looking into different types of life insurance can quickly become confusing. Getting quotes from different companies can also become extremely time-consuming. Let us help get the whole of life insurance quotes needed to make the best decision possible for your insurance needs.

Read the basic information provided here and then fill out our online form to get the whole of life insurance quotes you need quickly and easily.


whole of life insurance providers

What is Whole of Life Insurance?

Whole of life insurance provides coverage over the entire life of the insured person. This policy then pays out the amount specified to the beneficiary upon the death of the insured. A whole of life insurance policy is much the same as a term life insurance policy, but it has no specific term of coverage. It can be taken out by a single person or jointly by a couple. The policy is set to pay off at either the death of one of the individuals or after the death of both insured people in the case of a joint policy. There are two basic kinds of whole of life insurance – maximum cover and balanced cover.

Maximum Cover

Maximum cover whole of life insurance has premiums that are guaranteed not to increase for a period of ten years. After this initial ten year period, the insurance company reviews the amount of the premiums and will adjust them as necessary. Premiums for all whole of life insurance plans are generally put into an investment life fund by the insurer to cover the cost of the end of life payment.

Balanced Cover

Balanced cover whole of life insurance attempts to balance the amount of life insurance with enough investment to provide coverage in later years. This means that if the life fund does not perform as well as expected, premiums may need to be increased to cover the difference. The same amount of coverage is provided at the end of life regardless of how the investment fairs as long as premiums remain paid and all terms of the insurance policy are met.

Advantages of Whole of Life Insurance

Whole of life insurance can be combined with other types of insurance policies, such as term life insurance, to cover any outstanding debts. While the premiums are more expensive than term life insurance, whole of life insurance guarantees a lump sum payout to the beneficiary at the end of life. This lump sum payment can help with funeral expenses, bills and debt repayment, and may help a family make ends meet during a time of grief. This type of insurance is definitely worth thinking about if a guaranteed lump sum payout to family members is desired.

Historic Performance of the Life Fund

It’s important to look into how well the life fund used by the insurance company has done over time. If a life fund performs poorly, whole of life insurance premiums may rise proportionally. The values of funds go up and down over time so it’s important to think of it in the long term, rather than looking at the performance over a short amount of time. No investment is ever guaranteed to do well, so consumers would be well advised to take note of the risk involved of increasing premiums.

Required Investment Growth Rate

Consumers looking into purchasing balanced coverage whole of life insurance need to determine the policy’s required investment growth rate. This is the interest rate that is needed to keep premiums at the same level. If the fund’s growth rate dips below the rate required, premiums will rise proportionally. The lower the number of the required investment growth rate, the better when it comes to balanced whole of life insurance policies.

Premium Waivers

Some companies will waive the payment of premiums if the insured individual is diagnosed with a critical illness that prevents working. This may require an additional rider to the whole of life insurance policy depending on the insurance company and exact type of coverage that is chosen. Make sure to check if your insurance company offers such a waiver if that is something of concern for your family.

Trust Funds

In some cases, the insurance payout may be delivered to a trust fund account, as opposed to going straight to the beneficiary. There are specific tax reasons for doing this, depending upon the law where the beneficiary resides and the type of insurance provided. While it may delay any payments going to family members, it may also prevent the payment of inheritance taxes that would apply if the money was delivered without a trust fund. It’s important to find out all the additional details of a policy before committing to a specific insurance company or whole of life insurance plan.

Premium Costs

There are a variety of factors that go into determining how much a person’s premiums for whole of life insurance will cost including:

• Smoking – Whether or not the person smokes can make a big difference to whole of life insurance premiums
• The family medical history – families with backgrounds of disease and disorders may have to pay higher premiums
• Medical status – including weight, height, blood pressure and cholesterol levels
• Age – different ages have different assessments of risk, with the most senior ages being the highest priced premiums
• Gender – male individuals are generally classified as leading higher risk lifestyles and pay higher premiums than women
• Occupation – occupations deemed as higher risk such as firefighters, police officers or roofers may have to pay higher premiums for whole of life insurance
• Hobbies – higher risk activities such as skydiving, rock climbing or snowboarding may increase premiums
• Amount – Amount of coverage desired
• Type – Specific type of whole of life insurance desired

Whole of Life Insurance Quotes

It’s important to comparison shop when it comes to whole of life insurance because of the vast differences in coverage available and premium costs between different life insurance companies. However, receiving multiple life insurance quotes can be both frustrating and time consuming as numerous companies are contacted and given the same information over and over again. Let us help get the whole of life insurance quotes needed by simply filling out our fast and easy online form. Our advisors will call with the best insurance policies at the best prices. There is absolutely no cost and no obligation to purchase to receive our whole of life insurance quotes.

Whole of life insurance can provide peace of mind for the insured person to know that their family will be financially cared for when they are no longer here. Let us help make the process easier by filling out our simple online form today to get the whole of life insurance quotes needed to provide security.

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