Whole Life Insurance

Key Benefits of Whole Life Insurance

  • A whole life policy exists for the life of the individual and endows (pays you the full face value) at the age of 100 years. It offers death protection for as long as you live. 
  • If you purchase this insurance while you are young, your premium is locked in level to the age of 100.  This means that at the age of 20, you are locked in at say $20 a month.  This premium 5, 10 or even 20 years from now will be impossible to beat due to a rise in  inflationary costs and your current age or health situation.  Many parents I know purchase this insurance for their children while still at a young age and when their adult children have income that has stabilized, a transfer of ownership and beneficiaries take place.  The parents no longer need that policy. 
  • This policies cash value accumulates over time and has a built in guaranteed rate of growth.  It is possible to borrow or take out a loan on the accumulation of cash value, but not a good idea since the policy may not sustain itself at the same cost.  This loan will need to be paid back with interest, or upon death will be deducted from the face value of the policy.  The insured has the option of lowering the amount of insurance also.  

Key Drawbacks to Whole Life Insurance

  • There is NO flexibility to whole life insurance in that if you are late for a premium the policy is gone.  Generally this insurance is known to be as steady and true as you are.
  • The premium for whole life insurance is the highest of all the different insurance choices.  BUT, they are smaller than the premiums you would eventually pay for an annually renewable term insurance given your current age.  Don't  wait until the age of 45 to purchase coverage.  The premium is highest because it is guaranteed to sustain the policy to the age of 100+ without increase ever
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