Whole Life Insurance
Whole Life Insurance Policies Defined
Whole life insurance rates may be more costly than term life insurance rates, however, with the increased costs, come a multitude benefits. Whole life insurance is the most basic form of permanent life insurance. Basic is not bad in this case, as whole life insurance carriers guarantee both the death benefit, and the growth of the cash value. In addition, it should be noted that premiums remain level, throughout the life of the policy.
Whole life insurance policies are typically designed to mature when the insured reaches age 100. When you reach this age, the policy will mature (death benefit will be paid), and the policy will then be no longer active. If you live longer than 100, then a benefit will not be paid when die, because when you reach age 100, you are paid the death benefit. Despite whole life insurance policies being permanent, you may out live the policy, however, it guarantees a death benefit.
Comparing whole life insurance rates with The Koenig Group is simple. Through our single partner, we have access to over 40 different whole life insurance companies. Many consumers enjoy working with our agency for their life insurance quotes for whole life policy needs. We offer a consultative approach, offering a comprehensive needs-analysis at no charge, with great ratings with the BBB.
Whole Life Insurance Rates
Rates for whole life insurance differ from individual to individual. There are many factors which will dictate the amount of your monthly premiums.
Factors that determine your whole life rates:- Age of the Insured
- Health of the Insured
- Amount of Death Benefit
- Inclusion of Riders
- Financial Strength of Insurer
As you may notice, there are many variables that come into play when getting rates for whole life insurance. You may have different goals and our financial obligations than others, which is why we complete a needs-analysis with our clients, to calculate the correct amount of coverage that you need. The Koenig Group has also combined term life insurance and whole life insurance to protect our clients at a lower cost, while accomplishing the same goal.
Let's say you want $500,000 in whole life insurance, and you just bought a property, for $300,000. Rather than purchasing a $500,000 whole life insurance policy, you could obtain $300,000 in term life insurance for 30 years to protect your mortgage, and $200,000 in whole life insurance. This hybrid solution would save you a significant amount of money each month, while accomplishing the same goal.
Moving Forward with a Whole Life Insurance Quote
After you have requested us to compare whole life insurance quotes for you, and you want to move forward with protecting your loved ones, there are a few steps to take.
After you have completed your medical exam, if the underwriter for the whole life insurance company accepts your request for coverage, you will then need to sign to accept the policy. Next, you need to send in your first payment, which is your first monthly premium.