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Need Insurance or Savings Help? Call us at 403.228.7966

Whole Life Insurance Guide and Quote

    How much does whole life insurance cost?

    Female, 51 years old, non-smoker, no serious health pre-conditions, whole life insurance policy for $200,000 coverage
    Best quote
    Standard: $223 / month

    Male, 44 years old, non-smoker, no serious health pre-conditions, whole life insurance policy for $200,000
    Best quote
    Standard: $199 / month

    Female, 35 years old, non-smoker, no serious health pre-conditions, whole life insurance policy for $500,000
    Best quote
    Standard: $265 / month

    Whole Life Insurance: Expert explains

    Myles Rempel from RHM Insurance shares his experience:

    “Whole life insurance is a type of permanent policy that provides lifetime protection with level premiums. In comparison, term insurance has lower initial costs, but premiums increase as you age, and the policy expires after a certain period. Whole life policies can be participating or non-participating, with participating policies being slightly more expensive but offering potential dividends.

    What’s great about whole life policies is that they build cash value on a tax-sheltered basis, and the death benefit is tax-free. Additionally, you can choose to pay premiums for life or a limited number of years.

    Overall, whole life insurance offers comprehensive protection for you and your loved ones, and it’s definitely worth considering for long-term financial planning.”

    What is Whole Life Insurance?

    The licensed independent insurance brokers from RHM Insurance, are here to shed light on the concept of whole life insurance.

    According to Myles, “Whole life insurance is a life insurance policy that provides coverage for the entirety of your life.” In addition to that, Harold adds that “it also includes a saving component that accumulates value over time.”

    This type of insurance was created with the intention of combining a lifelong insurance product with a savings component. You can either surrender the policy or borrow against the policy value to get a return on your investment.

    Whole life insurance is a great option for those who are looking for a long-term insurance policy that also offers a savings component. It’s always best to consult with a licensed independent insurance broker to ensure that you are making the right decision for your unique situation.

    When do you Need Whole Life insurance?

    Here are some scenarios where it could be a great option:

    • If you want lifelong coverage that won’t expire, whole life insurance has got you covered.
    • If you’re looking for predictable insurance rates that won’t fluctuate, whole life insurance is the way to go.
    • If you want someone to take care of your savings and investments for you, whole life insurance is a great option.
    • If you’re not expecting huge investment profits, but still want to accumulate some cash value, whole life insurance can help you do that.

    So, if you’re looking for a reliable and secure option for your life insurance needs, whole life insurance might be just what you need.

    What are Whole Life Insurance Premium Rates?

    Whole life insurance offers fixed rates that never change, while term life insurance rates increase as you age. Although whole life insurance premiums are initially higher than term life insurance, they become more affordable in the later stages of your life. This makes whole life insurance a great option if you want to avoid the high rates that come with aging.

    How Do Whole Life Insurance Dividends Work?

    Participating policies pay out an annual dividend, although it’s not guaranteed. The dividend is usually tied to interest rates and the insurance company’s performance.

    If you have a participating policy that you bought when interest rates were high, it’s a good idea to get an updated policy illustration. The projected values may have changed significantly. It’s important to keep up with your policy’s performance to ensure you’re getting the best coverage for your needs.

    Participating policies: Most participating whole life policies have multiple dividend options. The following is a brief look at four various dividend options:

    • Paid-up additions – the annual dividend is used to purchase additional paid-up insurance
    • Premium reductions – the annual dividend is used to reduce the annual premium
    • Term option – the annual dividend is used to buy paid-up term insurance
    • Dividends on deposit – the annual dividend is kept on account within the policy

    Non-participating policies:

    Non-participating policies offer a guaranteed value, which can provide peace of mind.

    If you opt for a shorter payment period on your policy, you’ll likely pay higher premiums. The cash surrender value of your policy will also vary depending on the coverage amount, payment length, and the insurance company you choose.

    Overall, it’s important to carefully consider your options when it comes to whole life policies. While participating policies offer the opportunity for dividends, non-participating policies provide a guaranteed value. And no matter which type of policy you choose, be sure to fully understand the terms and conditions.

    Tips to Consider When Buying Whole Life Insurance

    Looking for a whole life insurance policy? Here are some tips to help you make the best choice:

    Next, decide if you want a participating or non-participating policy. Participating policies are more expensive but come with an annual dividend that can increase your cash value and death benefit, keeping your policy in line with inflation.

    Check if the policy has a quick-pay option, allowing you to pay off the policy in a shorter time frame. However, keep in mind that this option typically comes with higher premiums.

    Lastly, see what additional riders or benefits are available to enhance your policy’s overall value. But be aware of the added cost.

    Working with an independent broker can help you navigate the options and find the best whole life plan for your unique situation.First, consider whether you really need coverage for your entire life and if you can afford the higher premiums. If you cancel early, you’ll lose out on most of your investment.