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Compare whole life insurance rates with SelectQuote.
SelectQuote makes buying whole life insurance easy. We shop and compare rates from highly-rated carriers so you can save time and money.
SelectQuote makes buying whole life insurance easy. We shop and compare rates from highly-rated carriers so you can save time and money.
Why buy whole life insurance?
Whole life insurance falls under the category of permanent life insurance and it provides a set amount of coverage for as long as you live. In addition to providing a death benefit, it also includes a savings component known as the cash value that earns interest and grows over time.
A whole life insurance policy may be a good fit for you if:
- You want lifetime coverage with the option to borrow on that coverage
- Your budget allows for a more expensive premium
- You want to maximize your pension with a life insurance policy.
At SelectQuote, we can help you understand your life insurance options by instantly comparing personalized quotes from some of the most trusted life insurance companies. We’ll help make sure the policy you choose is right for you.
Benefits of Purchasing a Whole Life Insurance Policy
The primary benefits of a whole life insurance policy include:
Lifetime coverage: Whole life insurance provides coverage for your entire life, not just for a specific number of years.
Set premium: Your premium for whole life insurance doesn’t change, therefore what you pay the first month of your policy is what you’ll pay every month it is in force.
Cash value: As your premiums accrue, and at a time specified by the insurance company, you can borrow against your policy’s cash value.
Guaranteed returns: Returns with a whole life insurance policy can be guaranteed, as the life insurance carrier sets a guaranteed minimum growth rate on the cash value.
Who should buy whole life insurance?
Whole life insurance tends to make the most sense for:
- Individuals with strong finances
- Individuals with special needs children or other lifelong dependants
- Seniors who have outlived their term life insurance policy
Whole life insurance can make sense for these situations as their financial needs extend beyond short-term consideration and it provides a guaranteed savings account. If you’re interested in whole life insurance or want to consider all of your options, we can help you through the process of figuring out what policy might be best for your lifestyle and budget.
Whole Life Insurance Rates
Whole life insurance rates tend to be more expensive than the cost of term life insurance, but one of the greatest trade-offs when you buy a whole life insurance policy is the lifelong coverage. Additionally, your whole life insurance premium should never change throughout the duration of the policy.| Age/Sex | Whole Life Insurance (No lapse guaranteed with $250,000 coverage) | Whole Life Insurance (No lapse guaranteed with $500,000 coverage) | Whole Life Insurance (No lapse guaranteed with $1,000,000 coverage) |
|---|---|---|---|
| 25 year old male | $68.55/month | $131.03/month | $235.64/month |
| 25 year old female | $61.60/month | $106.49/month | $184.53/month |
| 35 year old male | $83.34/month | $187.99/month | $344.47/month |
| 35 year old female | $84.48/month | $156.55/month | $282.57/month |
| 45 year old male | $144.29/month | $265.80/month | $492.16/month |
| 45 year old female | $115.75/month | $226.50/month | $427.03/month |
| 55 year old male | $196.93/month | $370.16/month | $689.11/month |
| 55 year old female | $180.12/month | $336.44/month | $623.85/month |
What determines your whole life insurance rates?
Similar to term life insurance, there are a variety of factors that go into determining life insurance rates, including:
- The amount of benefit you choose
- Your age at the time of purchase
- Your gender
- Your health at the time of purchase
- Your hobbies at the time of purchase
How-To Buy Whole Life Insurance Online
The process of purchasing whole life insurance is made easy through SelectQuote. We’ll help you determine how much coverage you need, provide price comparisons from multiple life insurance companies, and will serve as your advocate throughout the entire application process.
1. Calculate How Much Whole Life Insurance You Need
The amount of life insurance needed varies for everyone, but many people aim for coverage that equals 10-12 times their income. You should take into account the kind of life insurance that fits within your budget and who would be dependent upon your financial support in both the immediate future and down the road. Our insurance calculator can help you get a better idea of how much insurance might be right for your needs. Then, we can help you figure out the whole life insurance coverage that fits your situation best.
2. Determine Your Coverage Amount
The amount of coverage needed is different for everyone. When determining the coverage amount you need, you’ll need to consider how much you can afford, who depends on your financial support and your future financial needs.
3. Compare Whole Life Insurance Rates
When you shop with SelectQuote, we’ll provide price and coverage comparisons from some of the most trusted carriers in the nation to help you choose the right policy for you. Life insurance companies use a variety of factors to determine their rates, making it important to shop around.
4. Fill Out the Life Insurance Application
The life insurance application will ask for basic information such as your name, address and employer. It will also ask for personal information such as your height, weight, date of birth, financial information and lifestyle habits.
Once you’ve filled out the initial application, you will likely need to schedule an in-person medical exam. The medical exam is similar to an annual physical where the tech will perform routine health checks such as checking your pulse, blood pressure, and height and weight to determine your body mass index.
5. Finalize Your Whole Life Insurance Policy
Once you have received your medical exam results—usually taking four to eight weeks—you can finalize your whole life insurance policy. Each company’s process is different, but in many cases, your life insurance coverage begins as soon as your first premium payment is submitted.
Why buy whole life insurance with SelectQuote?
At SelectQuote, we make the process of shopping for life insurance simple and convenient. We’ll help you figure out the right life insurance policy for your situation and find you the right coverage with the right carrier at the right price.Shop Whole Life Insurance Quotes Online Today
Shopping for whole life insurance can seem intimidating and time consuming, but we’re here to make it easy. We’ll take the time to get to know your needs and provide you with multiple options from some of the most trusted life insurance companies in just minutes.
