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The Importance For Your Family

When you have people – parents, children, spouses or partners – relying on you for support, one of the best gifts you can ever give them is the gift of a secure future. Buying and maintaining a quality term or whole policy is an important and affordable way to protect your loved ones in the event of your death.

There are pros and cons to each type of coverage, and other options to consider before you buy, so make sure to read all about your choices in order to learn which one best suits your needs. When in doubt, speak with one of our specialists for even more information!

COMPARE RATES

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Affordable Options
Term       Variable       Universal       Whole

No matter what sort of policy you seek, we can help you find the best rates for coverage. We are happy to work with people of all ages, regardless of their health, weight, or smoking history, and we pride ourselves in providing support and information on your choices from start to finish.

Whole Life Investment Policies

Buying this type of coverage is more expensive than buying low rate term life, but it is smarter from an investing and saving point of view, if you can afford to take the plunge.  These policies are also described as permanent because, unlike temporary or term, they do not expire.  As long as the premiums are paid, the coverage remains in effect and the cash value continues to accumulate.  At the end of your life, you can expect to have a sizable sum to pass on to your beneficiary as an inheritance.  You can also choose to withdraw funds from the policy as you age.

Here are some key reasons for choosing whole life coverage:

  • Accumulating cash value:  As with any policy, you purchase a set payout amount when you sign up.  However, permanent ones also accumulate cash value as they age, allowing you to take money out as needed or receive a return on your investment should you decide to discontinue paying the premiums.
  • Level premiums for life:  When you buy term insurance, you can choose to make steady payments for the duration.  However, whole life offers you the option of paying the same amount for your entire life, not just five, ten, fifteen, or twenty years.  Know what to expect for all of your days, so that you can better plan for the future.
  • Keep your money:  When you invest in a permanent policy, your money is yours.  You are not just paying for a service in the unlikely event of your passing – your money is being put into savings so that you can access it when you need it or share it with your loved ones after you pass on.       

The drawbacks:

  • More expensive:  Though we can offer the cheapest premiums around, they will still be steeper than the low cost of term insurance.  Waiting to buy permanent coverage til you can afford it may be a risky proposition, especially if you have a family to support now.   
  • Investment potential can be lost:  While you will have a guaranteed cash value assigned to your policy, it is difficult to assess whether or not you will be making as much money with this type of investment as you could have made investing your money in mutual funds, IRAs and other financial services.  These types of investments are typically conservative, which is good in a fluctuating market but which can also cause you to miss out on some great bonuses when the market booms. 
  • Unwise for short-term needs:  If you are only buying a policy with the intention of keeping it for ten or so years to meet certain family obligations, then you are better off with term.  When you sign up for whole life, you should be intending to keep it for the duration of your life, or close to it – at least twenty years for the maximum return on your money.      

The best thing you can do is shop around to compare rates for different whole and term options.  Also consider universal or variable coverage as an alternative, and get advice from a trusted financial advisor if you are unsure of what size policy to buy.