If you look at insurance policies for a given amount of coverage, term life insurance is clearly the cheapest: no more than a fast online search is required to drive this point home. However, when you really take the time to consider the pros and cons of term vs permanent policies like whole life, then you will find that they all have strong points. After all, would there even be such a thing as whole life insurance if it wasn’t right for some people? The intricacies might not be that clear when you simply go through whole life insurance quotes online.
But take time to study all life insurance plans, and you just might find WL the more attractive option, depending on your own situation. You really should examine all your options anyway, to make an informed decision.
With whole life insurance, you are covered for your entire life. Unlike term insurance, with WL, for as long as you are alive, your policy covers you, so this there is a reassurance for some people in this. The monthly premium cost of the policy to you is higher, often multiples of term coverage, but it’s the price you pay for a guaranteed payout. Any instant whole life insurance quotes you get might immediately put you off this kind of policy, but what are some benefits of it? Well, payments are the same through the life of the policy, so they are more predictable than other forms of permanent life insurance like variable life or universal life. Whole life is actually safer than they are, assuming you can make the premium payments, as there is some financial risk transferred to the policy holder with VL or UL. Keep this in mind when you are surfing the web, running through instant whole life insurance quotes!
Having said all this, most experts advise against whole life insurance, mainly because the premiums are so high. If you buy term life insurance and wisely invest even a part of the difference between what the term policy costs and what similar whole life costs, the chances are pretty good that by the end of the term policy you’ll have a larger nest egg than the death benefit payout that you paid so much to secure with whole life.
To make the right decision you will probably require more than a whole life insurance online quote. Questions that you’ll certainly have may be best answered sometimes by a real agent from a company like TIAA Cref, for instance. Their agents are salaried, so you can get a whole life insurance rate quote without fear of being brow beaten by a high pressure agent. Browse through as many policies as you need, so that you can make a very informed decision in the end.