Best Whole Life Insurance for Seniors

best whole life insurance

Whole life insurance is an excellent life insurance product to purchase if you are looking for lifelong protection to cover your burial and final expenses. This lifelong coverage provides peace of mind for you and your family members at a time when you really need it the most. So, how do you find the best whole life insurance policy? First, let’s take a look at the pros and cons of whole life insurance and then we will tell you where to find the best whole life insurance senior plans.


Pros of Whole Life Insurance

  • Whole life is permanent insurance
  • Whole life builds cash value
  • Whole life can’t be cancelled due to your age or health
  • Whole life is good for your whole life
  • Whole life death benefits never decrease
  • Whole life premiums never increase
  • Whole life policies include living benefits
  • Whole life plans are simple to apply for
  • Whole life cash value amounts grow tax deferred

Cons of Whole Life Insurance

  • Whole life has higher premiums since it lasts your whole life
  • Whole life has surrender fees if you cancel your policy
  • Whole life takes years before building any cash value

How do you find the Best Whole Life Insurance?

best whole life insurance

First, it starts with finding an independent agency like Best Whole Life. Best Whole Life is appointed with the best whole life insurance companies in the US. So, having multiple choices is a huge advantage for you and us. This allows Best Whole Life to shop all of our companies to find you the cheapest life insurance plan around. Simply, working with an independent agency gives you more options and we will work hard to find you the right plan based on your health conditions.

As an independent agency we aren’t married to one life insurance company. So, we can actually place you with the RIGHT company that matches your current health situations. This is important because the RIGHT policy is often the best price.

Why is Whole Life more expensive than Term Insurance?

Whole life insurance plans have higher premiums when compared to term insurance policies. Why is this? Simply, because all term policies terminate, they expire. If you take out a 20 year term policy, your policy expires after 20 years. Whole life insurance never expires and lasts for your whole life. So, since your whole life insurance policy lasts until you die, then of course this type of insurance plan would be more expensive.

Also, whole life insurance just isn’t a life insurance plan. When you make your monthly premium payments part of premium is going toward life insurance and the other part is being invested. This invested amount builds over time and is called cash value. If you are looking for the best whole life insurance call us at 800-517-5131 and one of our specialists will assist you.

What is Single Premium Whole Life?

Single premium whole life is a type of senior whole life insurance that is paid upfront with a large lump some of money. You receive all the same benefits from a traditional whole life insurance plan and the death benefit is paid to beneficiary tax free. However, instead of making monthly premium payments for the rest of your life, single premium is just one single payment upfront. Great option for those who have money sitting around and would like to leave some monies behind for a loved one or charity of their choice. Single premium whole life insurance plans are excellent way to start a children’s whole life insurance plan as well.

What is Limited Pay Whole Life?

You still receive lifetime protection as in all whole life insurance plans, however limited pay whole life allows you to choose a payment schedule for a limited amount of years. Most common would be 10 year pay or 20 year pay. Obviously, the benefit here is paying your monthly premium for less time however just know that your premium payment will increase since your payment schedule will be reduced. Very similar to single premium whole life insurance, great financial decision if you can afford the increase premium amount.

Is Whole Life only for Seniors?

Best Whole Life can offer whole life insurance plans from 14 days to 90 years old. Infants to Seniors with us no problem. In fact, we help parents and grandparents with children’s whole life policies all the time. Of course, the best time to purchase life insurance is when your young and healthy. Plus, when you purchase whole life insurance in your younger years you are locking in the lower premiums, which will never change. Life insurance premiums are a direct result of age and health. The younger you are, the lower your life insurance rates be will.

Another thing to note, by purchasing life insurance when your young and healthy, you don’t have to worry about being turned down for life insurance later in life. Just knowing that you can’t be turned down is peace of mind all in itself. Whole life insurance is definitely a type of life insurance that is easy to budget for since your payments are locked for life.

senior couple

So how do I purchase a policy?

Well, you can request an instant whole life insurance quote or call us at 800-517-5131 and one of licensed specialist would be gladly to assist you. After the initial contact with one of our agents, we will then ask you some basic health questions, nothing to specific but enough for us for figure out which whole life insurance companies would be the best fit for you. After we have landed on the company, the application is short and sweet. The entire process won’t take more than 15 minutes. Plus, most companies that Best Whole Life works with will give us an instant approval over the phone.

Don’t worry about your current health conditions even if you have some things going on. We actually have a few companies that don’t ask any health questions on their applications.