Affordable Life Insurance is easier than you think. Whole Life Insurance is just as it sounds; it lasts your whole life. The plan will never expire or change - as long as you make your payments of course. :)
Whole Life Insurance is the best option for anyone over 60, with ANY health condition. Whole life insurance is usually for smaller amounts that say Term Life Insurance. There are exceptions but most Whole Life Policies are written for less than $50,000.
You may be thinking that's not enough! But let's take a look at why over 83% of the people we meet within Northern Arizona choose to go with an affordable Whole Life Insurance policy.
Whole life insurance is usually written for individuals over the age of 60. Actually, most people who get affordable whole life insurance are over the age of 65.
Whole life insurance is an excellent source of income for many reasons such as:
1.) Money to pay medical bills
2.) Money to pay mortgage payments
3.) Money to pay for funeral expenses
4.) Money to give to your surviving spouse
5.) Money to give to your kids
It's important to understand the differences between Whole Life Insurance vs Term Life Insurance. As you can see pictured above, Term Life lasts a certain amount of time; typically 10,15,20,25 or 30 years - depending on what your current age is. Usually to a maximum age of 80 or 85, depending on the insurance company you qualify for.
Whole life, on the other hand, lasts your whole life. It never expired and the price never changes. It can accumulate a cash value that you can use as a "loan" to yourself or more commonly it is used to make the payments on your behalf so you don't have to later down the line.
Example: Cost of $25,000 Whole Life Insurance in Arizona
*Please note that these rates are only examples for informational use only so you can see the price range of a typical Whole Life Policy. For the exact price for you please click the button below.
Above you can see an estimate of cost for an affordable $25,000 whole life policy in Arizona. This would be for what is known as a Standard Issued Policy. That is if you are in reasonable health. However, if you have or recently had major health concerns such as cancer, COPD or Alzheimers, etc. you can still get whole life insurance. Below you will find the estimated cost of life insurance that is guaranteed issue. Which means, no matter what health issues you have or had, you are guaranteed to get a policy. The only caveat is that there is usually a 2-year "probation period.
If anything happens to you within those two years, the insurance company will refund all the money you paid into the policy to your beneficiary plus 10% interest. Once you reach the 24-month mark, your policy is exactly the same as a normal, standard, whole life insurance policy.
Example: Cost of Guaranteed Issue $15,000 Whole Life Insurance in Arizona
As you can see, the Guaranteed Issue Policy is more expensive. That is because the insurance company is essentially taking on greater risk and therefore the cost will be slightly higher.
If you were to develop a Chronic, Critical, or Terminal Illness, you would receive 75-100% of your policy amount while you are still alive.
Talk to a State Licensed Insurance Broker today to see if which policy you qualify for.