The 6 Best Whole Life Insurance Companies of 2020 – Get our quote in 5 minutes

What is whole life insurance?

Whole life insurance is life protection. The policy includes a death benefit and a cash value; the cash value can increase over time. Depending on the plan, you may have access to the policy's cash value while you are still alive. Some policies may offer the option of borrowing money with a loan or the option of making a withdrawal. You can also touch the cash value of the policy in certain circumstances with a benefits cyclist.

What are the benefits of whole life insurance?

The biggest advantage of whole life insurance is lifelong protection. This is different from life insurance, which only covers a certain number of years. Other benefits include the cash value of the policy and the ability to access money while you are still alive. As the cash value grows, it becomes an accessory savings account that can be accessed in an emergency or if you no longer need a death benefit.

What's better: term life insurance or full life insurance?

If you are transferring a large inheritance, whole life insurance can cover the cost of real estate taxes. It could also be a good solution if you are looking for permanent protection or want to provide money for your final expenses. But whole life insurance can be expensive. If you are looking for affordable premiums for a specified number of years, term life insurance may be a better choice.

Is whole life insurance a bad investment?

When it comes to investment or any type of financial planning, there is no single approach for everyone. But if your family struggles to afford monthly full life insurance premiums, it is better to buy a less expensive term insurance and invest the difference.

What are the expected costs of full life insurance?

There are many factors that affect the cost of whole life insurance. These factors can include age, gender, place of residence, health, smoking, number of payments, death benefits and more. For example, the estimated monthly premium for a healthy 35 year old woman in Tennessee is $ 35.85 for $ 25,000 or $ 112.93 for $ 100,000. The same profile of a woman with a single change (being in average health compared to good health) brings the premium to $ 119.28 per month for $ 100,000 coverage.

How we chose full life insurance companies

There are many full life insurance options to choose from. To narrow down the list, we looked for companies with a long history and good grades. We compared insurance coverage and cyclists. We didn't take the cost of premiums into consideration because it can be difficult to get an online life insurance quote online and prices vary widely depending on gender, age and medical history.

However, you should do some research before picking up the phone. An insurance agent earns a commission by selling you a full life insurance policy, which can influence their financial advice.