All too often, people will avoid considering whole life insurance because they have been inundated with the mantra of buy term and invest the difference.
The pros of whole life insurance, however, are numerous and deserve consideration.
Whole Life Policy Design Matters
When determining what your whole life insurance rates will be, how your agent designs your whole life policy matters.
You have two primary options. You can focus on the death benefit or you can focus on building cash value.
Death Benefit Focused
With death benefit focused whole life insurance policy design you will want to apply your premium payment to your death benefit.
Cash Value Growth Focused
With cash value growth focused whole life insurance policy design you will want to apply the majority of your premium payment to paid up additions.
A policy focused on death benefit only may have lower premium payments than a policy that is focused on maximizing cash value accumulation.
Does that mean the lower premium whole life insurance policy is the better option?
Probably not.
You see, your reason for getting whole life insurance matters.
For example, if you are primarily concerned with leaving a large death benefit behind, but have little to no use for cash value growth, then whole life might not even be the best option.
In contrast, if you are looking to maximize your policy’s cash value growth, then it is essential that you choose a properly designed whole life policy from among the best dividend paying whole life insurance companies.
A brief note about the following whole life insurance quotes.
The following quotes are simply solving for death benefit and are in no way tailored to reflect what the right policy for you might be.
Rather, please contact us for personalized quotes based on your specific health and lifestyle.
$250,000 Whole Life Insurance Quotes
The following table is based on monthly premiums for a preferred plus rate class from a top rated life insurance company rated A- or higher. Whole life rates are for informational purposes only, are subject to change, and must be qualified for.
| Age | Male | Female |
|---|---|---|
| 20 | $132 | $132 |
| 25 | $156 | $156 |
| 30 | $188 | $188 |
| 35 | $230 | $230 |
| 40 | $278 | $278 |
| 45 | $350 | $349 |
| 50 | $429 | $429 |
| 55 | $549 | $549 |
| 60 | $700 | $700 |
| 65 | $1,019 | $912 |
| 70 | $1,359 | $1,255 |
| 75 | $1,868 | $1,788 |
| 80 | $2,801 | $2,428 |
$500,000 Whole Life Insurance Quotes
The following table is based on monthly premiums for a preferred plus rate class from a top rated life insurance company rated A- or higher. Whole life rates are for informational purposes only, are subject to change, and must be qualified for.
| Age | Male | Female |
|---|---|---|
| 20 | $293 | $255 |
| 25 | $347 | $304 |
| 30 | $422 | $368 |
| 35 | $522 | $450 |
| 40 | $639 | $543 |
| 45 | $788 | $685 |
| 50 | $982 | $843 |
| 55 | $1,239 | $1,082 |
| 60 | $1,582 | $1,381 |
| 65 | $2,060 | $1,800 |
| 70 | $2,835 | $2,479 |
| 75 | $3,964 | $3,534 |
| 80 | $5,541 | $4,801 |
$1,000,000 Whole Life Insurance Quotes
The following table is based on monthly premiums for a preferred plus rate class from a top rated life insurance company rated A- or higher. Whole life rates are for informational purposes only, are subject to change, and must be qualified for.
| Age | Male | Female |
|---|---|---|
| 20 | $580 | $504 |
| 25 | $689 | $602 |
| 30 | $839 | $729 |
| 35 | $1,038 | $894 |
| 40 | $1,273 | $1,081 |
| 45 | $1,571 | $1,364 |
| 50 | $1,959 | $1,681 |
| 55 | $2,472 | $2,158 |
| 60 | $3,158 | $2,756 |
| 65 | $4,114 | $3,595 |
| 70 | $5,664 | $4,952 |
| 75 | $7,922 | $7,062 |
| 80 | $11,076 | $9,597 |
Next Steps
When it comes to a properly designed whole life insurance policy focused on cash value growth it is important you work with an experienced agent that understands how to blend term and whole life together, along with the various riders offered by the top participating life insurance providers.
The experienced team at I&E can help guide you through the process and make sure your whole life policy is tailored to you exact specifications, based on your unique needs and goals.
So what are you waiting for? Give us a call and experience the I&E difference today!
2 comments
Caleb Watkins lll
I need life insurance for my grandfather is rich and he is dead.
Insurance&Estates
Caleb, thanks for commenting. I’m sure based upon your comment if you’re joking or requesting help. Short answer, dead people are not eligible for life insurance:)
Best, Steve Gibbs for I&E