Getting affordable Life Insurance is easier than you may 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 usually the best option for anyone ages 60 – 85. Whole life insurance typically insures for $5,000 – $40,000. Whereas Term Life Insurance expires and offers larger coverage, such as $100,000 – $5,000,000.
You may be thinking $5,000 – $40,000 is not enough coverage. But let’s take a look at why over 83% of the people we meet within Arizona choose 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.
Life insurance is an excellent financial solution for many needs, such as:
1.) Money to pay medical bills
2.) Money to pay mortgage payments
3.) Money to pay for funeral expenses, such as a burial insurance for seniors.
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 your age.
Whole life, on the other hand, lasts your entire life. It never expires and the price never changes. It can accumulate a cash value that you can use as a “loan” to yourself. 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 Insurance Policy. For the exact price for you please click the button below.
Above, you can see a cost estimate for a $25,000 whole life policy in Arizona. This would be for what is known as a Standard Issued Policy. This means you are approximately average health. However, if you have had major health concerns such as cancer, COPD or Alzheimers, you can still get whole life insurance. Below you will find the estimated cost of life insurance that is guaranteed issue. This means, no matter what your health is, you are guaranteed to get a policy. The only caveat is that there is usually a 2 year decreased pay period.
If you pass away, within those first 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 costs more. That is because the insurance company is taking on greater risk and therefore the cost will be slightly higher.
Also note: If you develop a Chronic, Critical, or Terminal Illness, you may receive 75-100% of your policy amount while you are still alive. This is called a living benefit.
Talk to a State Licensed Insurance Broker today to see which policy you qualify for.