What is whole life?

is life insurance expensive after 60

What his whole life, well, whole life, otherwise known as whole life insurance is obviously a life insurance policy. The question really is how does whole life insurance work? So the way that whole life insurance works is, it’s the kind of policy that’s never going to expire. It’s typically considered the absolute best kind of life insurance.
With one major drawback and that major drawback is that it costs a lot more to get a a hundred thousand dollar whole life policy than it does to get a hundred thousand dollars term policy. they’re both life insurance policies. The term policy will expire, or at least the price is going to go way up.

A whole life insurance policy, most of them will never increase in price. Now, if it’s a universal whole life policy. Those do increase in price, and that’s a whole different topic altogether. I’m not going to focus on that because that’s not mainstream. Most people want, if they’re getting a whole life insurance policy, they’re going to just get a basic five 10 20 $40,000 whole life insurance policy.

Now, occasionally I do write larger whole life insurance policies. Those require the larger policies, meaning more than 40 or $50,000. Those do require a better health. So you need to be, it’s one or less prescription medicines. no major diagnoses at all. In fact, you got to be careful on the minor diagnoses.
if you have mainstream diabetes, that’s fine, but no insulin, only one prescription medicine. Typically Metformin is what most people are taking for diabetes. So a few other advantages, and then I’ll go over a few drawbacks of whole life insurance. The advantages of whole life insurance. The reason why it’s considered to be such a great policy for most people is it’s the last policy you’ll ever need.

So it typically, again, this is all excluding universal whole life. So normal whole life insurance, it’s not going to change in price. It’s not going to change in coverage. It is, it’s locked in until death, whenever that is. So if death is in. you know, three years or if death is in a hundred years, and for some people that’s an actual possibility because if a whole life insurance policy is purchased for them when they’re super young and it’s mega cheap, cause it is very inexpensive by the way, to get whole life insurance policies for your kids. And I highly recommend it. Then they’ve got a policy.
You can always. Transfer it over to them if you like. You know, as you get older, they can become the owner of the policy and the payer of the policy. But it’s a fantastic way to go. And that’s either children’s or family, whole life policies, a really wonderful thing to put in place. it’s if you, if you have kids or even grand kids, I highly recommend that it’s a, it’s a lifelong gift and it’s a way they’ll always think of you.

But more importantly is. They’ll be protected and their loved ones will be protected. So it’s just a very great thing to do. but yeah, whole life insurance policies, there are advantages now, drawbacks, there’s really one only one drawback, and that is that it’s lower coverage than term. If you’re hoping to get a hundred, 200, 400 million dollar, you know, let’s say 400,000, $1 million policy. then you’re going to need a term and hopefully you’re healthy enough to get it. Cause that’s going to be what it comes down to. If you’re not, and you’re under the age of 71 meaning 70 years old or younger, you can get what’s called an accidental only policy.

And those are large coverage policies, but they’re not full coverage. They’re not going to cover medical problems, F’s they’re going to cover. The other deaths. so that’s another topic as well. Check out my other videos. I have plenty of accidental policy videos. I have term policy videos, and I have some other whole life insurance policies, also known as burial insurance or burial insurance for seniors as well. Those are whole life, constructed policies 99% of the time. So I hope this has been helpful. Take care.


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Chad McMahan

Chad McMahan

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