Why You Need whole life Insurance

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Reasons you may need Whole Life Insurance:

Got Married
Children
Opened a business
Elder Care
College Tuition

PEACE OF MIND:

Whole Life Insurance offers peace of mind, ensuring your loved ones are financially protected even after you’re gone.   It allows you to live life to the fullest, knowing you’ve secured your family’s future.

FINANCIAL SECURITY FOR LOVED ONES: 

Whole Life Insurance provides a financial safety net for your loved ones, covering essential expenses such as mortgage payments, outstanding debts, education, and everyday living expenses.  It also replaces the income of the primary breadwinner, ensuring the family’s standard of living is maintained.

COVERING FUNERAL AND FINAL EXPENSES:

Funeral and burial costs can be substantial, and Whole Life Insurance can help cover these expenses, so your family doesn’t have to worry about them during a difficult time.

SUPPLEMENTING RETIREMENT SAVINGS:

Whole Life Life insurance, can accumulate cash value over time. This cash value can be accessed during your lifetime to supplement retirement income or cover unexpected expenses.

Whole Life Insurance:

Whole Life Insurance:

Whole life insurance provides permanent coverage, cash value accumulation, and financial protection for your beneficiaries, making it a suitable option for you if you’re seeking long-term security and estate planning benefits. It’s important to carefully consider the features, costs, and benefits of whole life insurance.

Here Are the Basics of a Whole Life Policy: 

Permanent Coverage:

Unlike term life insurance, which provides coverage for a specific period, whole life insurance offers permanent coverage that lasts a lifetime. If premiums are paid, the policy remains in force, providing lifelong protection and financial security for your loved ones.

Cash Value Accumulation:

One of the distinguishing features of whole life insurance is the accumulation of cash value over time. A portion of each premium payment goes toward building cash value, which grows tax-deferred at a guaranteed rate set by the insurance company. You can access the cash value through policy loans or withdrawals during their lifetime for various purposes, such as supplementing retirement income, funding education expenses, or covering emergencies.

Dividend Options:

Some whole life insurance policies are participating policies, meaning you may be eligible to receive dividends from the insurance company’s surplus earnings. Dividends can be used to enhance the policy’s cash value, reduce premiums, purchase additional coverage, or receive as cash payments.

Tax-Free Death Benefit:

Whole life insurance provides a guaranteed death benefit to your beneficiaries upon your death, regardless of when it occurs, if the policy is in force and premiums are paid. The death benefit is typically paid out tax-free and can be used to cover funeral expenses, replace lost income, pay off debts, or provide financial support to surviving family members.

Guaranteed Fixed Interest Rate:

Whole Life insurance policies include a built-in savings account that earns a fixed interest rate, offering steady growth over time for added peace of mind.  They also provide a guaranteed minimum interest rate on the cash value component, ensuring steady growth regardless of market conditions. Additionally, some policies may also offer dividends, which are non-guaranteed distributions of surplus earnings from the insurance company’s participating whole life policies.

Level Death Benefit:

The death benefit of a whole life policy remains level throughout the life of the policy, meaning it does not decrease over time. This provides certainty and peace of mind to you, knowing that your beneficiaries will receive a predetermined amount upon their death.

Fixed Premiums:

Whole life insurance policies have fixed premiums that remain level throughout the life of the policy. The premium amount is determined at the time of purchase based on factors such as your age, health, coverage amount, and the insurer’s pricing structure. Premiums are typically higher than those of term life insurance due to the permanent nature of the coverage and the cash value component.

Estate Planning Tool:

Whole life insurance can serve as a valuable estate planning tool, allowing you to leave a tax-free inheritance to your beneficiaries, create a legacy, or provide liquidity to cover estate taxes and other expenses.

Term Life insurance is often more affordable than permanent life insurance options like whole or universal life because it provides coverage for a specific period without the added costs of cash value accumulation and investment features.  This policy is a popular choice for individuals looking for a basic coverage.

How Much Whole Life Insurance Do You Need?

Rule of Thumb:

Whole Life Insurance supports the people who depend on you. They are your beneficiaries. Life insurance may not prove useful if you don’t get enough coverage.

You want your family to have enough money to cover all their expenses. Get a high enough death benefit. It is the best way to ensure your beneficiaries aren’t strapped for cash if you die.

Not sure how much life insurance you need? We’ve got you covered. 

The life insurance rule of thumb:

Figuring out how much life insurance you need is easy: just calculate 10 to 15 times your income. This is the best way to account for inflation and household expenses. It will ensure that your beneficiaries have enough money for the long term. 

A More Precise Answer:

To figure out a more precise number, use a Life insurance calculator.  It does the work for you. To be prepared, you’ll need to gather a few numbers together that may not exactly be top of mind:

  • Outstanding mortgage amount
  • Outstanding debts or loans (other than mortgage and children’s education loans)
  • Children’s education costs
  • Liquid assets (e.g., 529 College Savings Plan; other life insurance you own; current investments; future assets like social security)

 Too Much or Too Little? Both are not good!

Your responsibility is to buy the right policy amount of Whole LIfe Insurance. Failing can jeopardize your family’s financial health.

Your family needs the right coverage amount to replace your income. Without it, they may not be able to keep up with everyday expenses, plan for the future, or pay for your final expenses.

Likewise, there is such a thing as getting too much life insurance. If you’re paying for extra coverage that you don’t need, you’re not using that money efficiently. You’re missing potential earnings on investments, funding your retirement, and building savings. And by getting more coverage than you need, you might also be spending more than you can afford on premiums. If you can’t pay for your policy down the road, your policy will get canceled.

Potential Savings to Explore:

Insurance discounts can differ depending on the insurance provider you select.  It is important to note that not all carriers offer the same discounts.

Flexi-Bundle™ & Save:

Flexi-Bundle™ Discount:  Combine up to four insurance products and select from up to four insurance carriers.

Frequently Asked Questions

While you may have life insurance through your employer’s group plan, the coverage is usually based on your salary, which is often inadequate to meet your family’s long-term needs.  Additionally, employer-sponsored life insurance isn’tportable, meaning you lose your coverage if you retire or change jobs.Therefore, it’s crucial to select a policy that remains active regardless of your employment status.  Obtaining life insurance after retirement may be more challenging and expensive due to age.

Many of our carriers offer no-exam products, eliminating the need for a medical exam. However, if your medical history does require an exam, we’re here to answer any questions, and guide you through the process.

Yes! Many of our customers opt for multiple life insurance policies, often combining a large term policy with a smaller permanent policy. To fulfill various financial goals.

There are a few ways to save money when purchasing life insurance:

  • Purchase at a young age to lock in the lower rates, avoiding hefty premiums in the future. For example, at age 25, you might pay around $31 monthly, but at age 45, it could increase to $78 monthly. That’s an increase of 152% or 7.6% annually for every year you wait.   
  • Compare rates from multiple companies. We will handle this for you.
  • Don’t overbuy; purchasing life insurance should be a practical decision rather than an emotional decision.

The quickest and easiest way to get quotes and apply for life insurance is through Insurish!  We provide quotes from the top life insurance companies in the United States, saving you the hassle of researching multiple life insurance companies.

When you pass away, your beneficiaries need to file a death claim with the life insurance company, which requires submitting a certified copy of your death certificate. Your beneficiaries can choose how they want to receive the death benefit payout.

The two main options are:

  1. Lump-sum payments:  Your beneficiaries receive the full death benefit tax-free.
  2. Annuities:  The insurance policy payment is received in increments over an predetermined period.

The best type of life insurance policy depends on factors like affordability, health status, and expected lifespan.  Consider your long-term goals both during your lifetime and after you pass away.

  • Term Life Insurance policies pay out only if death occurs during the policy’s term, offering temporary coverage.
  • Whole Life Insurance policies provide permanent protection throughout your life.  They provide guaranteed premiums, cash values, and death benefits, allowing you to grow your money and earn dividends.

Consult with an Insurish agent to select the policy that aligns with your needs.

The short answer: Your life policy ideally be worth 10–12 times your annual income.   However, determining the exact amount requires collecting specific financial details.  An Insurish agent will work with you using our term life insurance calculator to estimate your needs accurately.  Consult with an Insurish agent to ensure you select the right policy amount, avoiding both over buying and underbuying.

We work with multiple top carriers, offering a variety of policies including Term, Whole, Universal and Final Expense life policies.

You can compare rates from numerous top carriers in less than two minutes.

Most of the time, our clients don’t need a medical exam.

Many life insurance companies require a medical exam to confirm health and lifestyle aspects, some of our carriers offer No-Exam Life policies, eliminating the need for a medical exam.

You have two payment options:

Option 1:  Click the Carrier tab, scroll to locate your carrier. Most carriers accept online payments via check, credit card, or ACH.  Click on your carrier’s name and proceed to make your payment.

Option 2:  Click the Customer Center tab. Scroll down to find the Input1 icon. Input1 offers digital payment options, including ApplePay and eWallet.  Click on the Input1 icon, log in, and make your payment. 

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Please Note:

At Insurish, we provide general information on insurance products to help you grasp their different aspects. It’s important to note that this information isn’t an insurance policy and doesn’t pertain to any specific carrier’s policy. It doesn’t alter any provisions, limitations, or exclusions expressly stated in an insurance policy. Descriptions of coverages, discounts, and features are concise. For a comprehensive understanding of specific policy details, we recommend reading the applicable policy and consulting an Insurish agent. Coverages and features vary by insurer and state and may not be available in all states. Coverage for accidents or losses depends on the terms and conditions of the actual insurance policy. References to premiums, losses, deductibles, and costs are illustrative and may not apply to your circumstances. Insurish is not liable for the content of third-party sites linked from this page.