There are several different Whole Life Insurance programs available and each company may offer a slightly different variation, Whole Life Insurance may also fall under different naming. This is why it should be purchased ONLY after consulting a licensed insurance professional.

 

Whole life policies stretch the cost of insurance out over a longer period of time in order to level out the otherwise increasing cost of insurance. In this case, however, it is spread not over a few years but over your entire life. Your excess premium dollars are invested in the company's general portfolio. Because you aren't personally managing that investment, your selection of an insurance company is vitally important.

This type of life insurance does not build up a cash value over time. The premium however normally increases as the insured person gets older.

Renewable Term Insurance: Term insurance which can be renewed at the end of the term, at the option of the policyholder and without evidence of insurability, for a limited number of successive terms. The rates increase at each renewal as the age of the insured increases.

Non-Guaranteed Term Life:  Non-Guaranteed term life provides coverage only for a short time (usually a year) and is pure death-benefit protection. The risk with term life is that your health might deteriorate and you could be unable to get another policy once the term is up. Premiums can also increase dramatically as you age, but term life insurance is usually a good choice for young people who can't afford the higher expense of permanent insurance, or for people covering specific needs that will disappear in time, such as a car loan or a mortgage.

As with all Life Insurance Programs, certain variables such as height/weight, tobacco use, and health play important roles in determining your life insurance premium. Let an insurance professional help you find the right life insurance program for you.