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Whole Life Insurance: The Facts
About Permanent Coverage

If you're looking for a way to provide your family financial assistance when you are no longer with them, whole life insurance, also known as "permanent life insurance," may be a good place to start.

What is whole life insurance?

Whole life insurance is defined by the following three factors.

1. It can provide coverage that lasts your entire life and doesn't require renewal as long as you make regular payments, called the "premium."

2. The premiums you pay for the policy can give you access to cash value while you're living.*

3. Typically, premiums never increase.

These features make whole life insurance different from the initially lower-cost term life insurance.

Why should I buy whole life insurance?

If you're over 50, you may choose to buy whole life insurance because it lasts for life and premiums won't increase with age. Or if you have an expiring term policy, you may want to convert it to a whole life policy to help ensure you maintain coverage. Whatever your reasons, explore your options by gathering and comparing whole life insurance quotes.

But isn’t whole life insurance too expensive for anyone over 50?

With life expectancies rising and insurers competing for your business, whole life insurance rates are more affordable than you might think. You may be surprised at what you can put in place to help make your family's future more secure. In any case, it costs you nothing to find out. The important thing is to secure your whole life coverage as early as you can in order to get the lowest rate. Since many companies guarantee that your rate will never increase, the younger you are when you apply, the lower your rate should be.


The application process
for whole life insurance
can be surprisingly simple.

Whole Life Insurance

Is whole life insurance hard to get?

Although some whole life policies require in-depth underwriting, others don't require any medical exam or blood work. In fact, the application process for no medical exam life insurance can be surprisingly simple. You generally just provide some basic health information and answer a few questions on a short application.

Many insurance companies offer free online quotes and the option to apply online or directly by mail in just a few minutes. If you decide that whole life insurance is right for you, do your research and select a stable company with strong financial strength ratings that you can count on in the future.

This article is provided by New York Life Insurance Company for informational purposes only. This article is not intended to provide tax, legal, financial, or accounting advice. Please consult your own professional for advice specific to your circumstances.

*Cash value is accessed via policy loans which accrue interest and reduce the cash value and death benefit.

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