Whole Life Insurance

Buy whole term life insurance to protect you, your family and future investments
By Joanne K. McPortland Whole life insurance is necessary to protect your family's future, as well as to add to your assets. Whole life insurance policy premiums are more expensive to the consumer, but these policies, in which you combine coverage with an investment vehicle, increase in value over time. Whole life insurance can also be easier to borrow against or release early payments from in an emergency.

Invest in the best whole life insurance policy you can afford so you can breathe more easily. To make an informed and confident decision, you should:

1. Look at the details of term vs. whole life insurance so you can weigh the advantages of whole life insurance.

2. Make whole life insurance comparisons to find the right whole life insurance company for you.

3. Narrow your selection of plan and company to the best choices, and request a whole life insurance quote.

Weigh the advantages of purchasing a whole life insurance plan

Whole life insurance, also known as permanent life insurance, is just that: a plan you purchase once and stays with you. Whole life also offers the security of owning a plan that accumulates value and builds equity, meaning you can borrow against it in an emergency. This makes whole life insurance a good choice for those with some degree of wealth to manage, or for older individuals just starting a family. More popular for the general buyer than whole, term life insurance has no investment component; at the death of a qualified policyholder, the face value pays out.
Try:  Read an updated discussion of term versus whole life insurance at SmartMoney.com. AccuTerm offers extensive information on the benefits and types of whole life insurance policies available, plus you can get a quote instantly.

Compare whole life insurance plans and companies to find the right one for you

To find the most extensive plan for the right price, compare the whole life insurance companies and plans available in your area. Adding riders can customize plans to fit your personal needs. The accelerated death benefit rider, for example, allows you to get an early payment of half the face value if diagnosed with a terminal illness.
Try:  CompuQuotes allows you to compare whole life insurance policy quotes from eight of the top insurance companies. Fill out a short questionnaire and get quotes instantly. AccuQuote offers whole life insurance comparisons from the top life insurance companies.

Request whole life insurance quotes from the whole life insurance company that interests you most

Once you've narrowed your choices, ask for specific whole term life insurance quotes from the top whole life insurance companies on your list or from industry leaders to get the most extensive information available.
Try:  New York Life offers extensive selection of riders and dividend options. New York Life is a financial institution offering mutual funds, annuities and other life insurance to help you keep much of your business with one financial consultant. MetLife carries a selection of whole life insurance policies with guaranteed premiums, death benefits and annual dividends. State Farm offers a number of whole life insurance plans and gives you up-front information you need to choose the right plan.

• If you are concerned that a preexisting medical condition may affect your eligibility, look into options for no exam whole life insurance. Be aware, however, that these arrangements, often marketed heavily in TV ads, come with steeper premiums than standard whole life policies and often limit payouts for non-accidental death within the first two years of coverage.