Whole Life Insurance Quotes

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What's the best way to start looking for whole life insurance quotes?

As with all insurance products, it pays to do a bit of research in advance of comparing individual quotes. Making sure you're educated on the product types and the process of applying for life insurance will put you a step ahead of most people. For starters, every individual needs to make a determination on whether they actually need a life insurance product to begin with. As a general rule, if any of your loved ones will be financially impacted by your death you should have a life insurance policy. If you don't fall into that camp, however, you may be better served by taking the money you would have put into a life policy and investing it some alternative vehicle, such as an annuity. If you'd like a more comprehensive look at life insurance products you can always check out our Life Insurance 101 guide.

Secondly, each person considering whole life insurance needs to make sure a term life insurance policy wouldn't work just as well. Term life enables its policyholders to obtain a large death benefit for only a fraction of the premium price you'd pay to buy whole life. That being said, whole life offers additional benefits that term life does not. The most notable of these benefits is an investment component that accrues cash as you pay into the policy over time. This cash balance can ultimately be used for a multitude of purposes such as taking out loans against the policy.

Next, you'll need to think about how much insurance coverage you need. As a rough estimate we suggest you purchase enough life insurance to cover approximately 5x to 8x your annual salary. Of course if you have a young (and growing) family, many experts will suggest you consider insuring up to 15x your annual earnings. Fortunately, these higher insurance coverage amounts can be met relatively cheaply with a term life policy.

Types of whole life insurance to consider

Once you've determine that you A) need life insurance, and B) need whole life insurance, you can begin to look at the different types of whole life. Your options are as follows:

  • Participating whole life
  • Non-participating whole life
  • Level premium whole life
  • Single premium whole life

There are a few key differences between the policy types, and we recommend you educate yourself on the specifics before getting your whole life insurance quote. For example, you can opt for policies where you receive periodic dividends (based on the insurer's performance). You can also decide whether or not you'd like your premium amount to remain constant over the life of the policy, or even if you'd like to pay into your policy in one lump sum.

Final Thoughts

Now that you have a better view of the life insurance landscape, it's time to start comparing whole life insurance quotes. The good news is, you can do the majority of your price comparison from the convenience of your home. We recommend using our insurance tool to help you determine who the top life insurers are in your area. From there, you can request quotes (it's free!) from as many insurers as you'd like.

You should also know that the quotes you receive online probably won't reflect the exact dollar amount you'll end up paying. This is the standard process on any website across the web. Because so many personal figures go into your insurance calculation you'll only receive a close estimate based on the information that you submitted online. You will then receive the final cost of your policy directly from the insurance company.

Good luck on your research and let us know if you have any questions in the comments!

Photo courtesy of Flickr - Jorge Moreno, Jr.

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