Save up to 70% off Life Insurance!

Male Female

Save up to 70%

off Life Insurance!

Male Female

Advantages of Whole Life Insurance

Whole life insurance has some clear advantages over other types of life insurance, including term life insurance. As one of the few guaranteed things in life, whole life insurance can provide peace of mind, and financial options for your family.

No Fixed Coverage Period

While term life insurance policies only cover you for a specified period of time, whole life insurance covers you for your entire life, regardless of any health condition you develop or your age.

Financial Benefits

Whole life insurance increases the long term financial stability of your family. Knowing you have a specific amount of whole life insurance allows you to more accurately plan how much you need to save and how matters will be handled after your death. For example, with a whole life insurance policy you can determine how your mortgage and other debts will be paid in the event of your death.

Some whole life insurance policies may allow the owner to use the policy as collateral on a loan, or allow the policy owner to directly withdraw cash from the balance of the policy. This can be a true financial advantage during unexpected times of need such as the loss of a job. Keep in mind, when borrowing against a life insurance policy, the death benefit is reduced by the amount of the outstanding loan balance.

No Health Risks

A whole life insurance policy will cover you regardless of your future health. Whether you live to be 100 or develop a terminal illness at a young age, a whole life insurance policy will pay the same benefit to your beneficiary.

While whole life premiums are typically higher than term life premiums, the advantages of whole life insurance can be well worth the cost difference in the security it provides.