The amount you pay for this whole life coverage is guaranteed to stay the same. Your rate of return if you invest your cash value may be guaranteed to stay the same. And of course, your payout amount is guaranteed no matter when you die. Whole life insurance rates.
Whole life insurance policies
Whole life insurance is a kind of permanent life insurance that's best if you like financial certainty. The policy builds cash value and lasts your entire lifetime, meaning once you start your policy, you'll keep paying your premiums (which will always stay the same). Then when you die, your beneficiaries will receive the payout (death benefit), which also stays the same. Coverage is best for ages 50-55 and amounts range from $50,000-$1 million+.
Request a whole life insurance quote online to see rates and start your policy. A medical exam is required for coverage.
Life insurance plans
See more on universal life insurance, which is the other kind of permanent life insurance that's designed to be more flexible.
Whole life insurance rates
Whole life insurance will usually cost more than term life insurance, as it has a cash value buildup that term life insurance generally does not.
Whole life cash value: Growth is guaranteed
A portion of your premium goes to what is basically a sub-account within your policy (this is called the cash value). The cash value is then invested and can grow tax-deferred. The key difference with whole life insurance is that your investment rate of return may be fixed, so your cash value will grow at the exact same rate every year. Think of it as a CD investment.