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Whole life insurance that lasts as long as you do
Whole life insurance covers you for your entire life as long as the premiums are paid. The premium is locked in and never goes up, and the policy builds cash value at a rate the insurance company guarantees. It costs more than term, and in exchange it never runs out.
Who it’s for
- People who want coverage that never expires
- Parents and grandparents leaving money to family
- Anyone who wants the same premium for life
- People planning for estate or final costs
What I check before I recommend it
- Whether you need permanent coverage at all. Sometimes term does the job for far less, and I'll tell you so.
- The guaranteed numbers, kept separate from any projected dividends.
- Whether the premium fits your budget for the long haul, because dropping a whole life policy early usually loses money.
- Paid-up options, so you can finish paying by a certain age.
In plain English
How whole life works
Whole life is the simplest kind of permanent life insurance. You pay the same amount every month, the death benefit stays in place, and the cash value grows by a guaranteed amount each year.
You can borrow against that cash value later. Loans that aren't paid back reduce what your family receives, so I'll walk you through how that works before you count on it.
Questions
Whole life questions people ask me
Is whole life insurance worth it?
It is for some people. If you need coverage that lasts your whole life, like money for final expenses, an inheritance or estate costs, whole life does that with no surprises. If you only need coverage while the kids are young or until the house is paid off, term usually costs much less.
What is cash value?
Cash value is a savings part of the policy that grows over time. With whole life, the growth is guaranteed by the insurance company. You can borrow against it or surrender the policy for it, but both reduce what your family receives.
Does a whole life premium ever go up?
No. The premium is set when you buy the policy and stays the same for life.
What's the difference between whole life and IUL?
Both are permanent policies that build cash value. Whole life credits a guaranteed rate and keeps your premium fixed. Indexed universal life credits interest based on a market index, with a cap and a floor, and its premium and internal costs are flexible. That flexibility is the advantage and the risk, so I go through the illustration with you before you decide.
Other coverage I help with
States where I’m licensed
Let’s figure out what your family needs.
Call me or send a quick note. You’ll hear back from me, not a call center.