Policy Scout
Health
Policy Scout
Circle Gradient

Health Insurance

How do I sign up for insurance? Am I eligible for subsidies? Get answers to these questions and more with our Health guides.

How It Works

Helpful Resources

Policy Scout
Medicare
Policy Scout
Circle Gradient

Medicare

Medicare can be complicated. Explore our guides to basic coverage, supplement plans, Medicare Advantage, and more.

View All Providers

How It Works

Helpful Resources

Policy Scout
Life
Policy Scout
Circle Gradient

Life Insurance

We break down barriers to understanding life and final expense policies. View guides or read reviews of popular plans.

How It Works

Helpful Resources

Policy Scout
Auto
Policy Scout
Circle Gradient

Auto Insurance

We've done the work to learn what goes into auto insurance. View guides to getting the best rates or browse provider reviews.

How It Works

Helpful Resources

Policy Scout
Home
Policy Scout
Circle Gradient

Home Insurance

Homeowners insurance doesn't work like you might think - we've done our homework to understand the policy options and benefits out there. Start by scouting your options, or viewing our reviews.

How It Works

Helpful Resources

Policy Scout
Pet
Policy Scout
Circle Gradient

Pet Insurance

Pet Insurance can be complicated. Explore our guides to basic coverage, end-of-life plans, chronic health conditions, and more.

View All Providers

How it Works

Helpful Resources

Your Guide to Whole Life Insurance

Why do people choose higher-cost whole life plans? The answer may surprise you

Policy Scout
Triangle
background
• Life Insurance » Whole Life Insurance | Quotes and Information

Whole life insurance allows you to have permanent life insurance protection throughout your life. Term life insurance, on the other hand, is limited to a certain number of years. One of the major benefits of whole life insurance is that you can get coverage while you are younger and lock in lower rates not available to you as you age. Quotes for whole life insurance as a young, healthy individual are much cheaper than premiums as you get older.

Who Benefits from Whole Life Insurance?

Whole life insurance is an investment. If you want your premiums to remain unchanged for years to come and have a permanent solution to your life insurance needs, then whole life insurance may make sense.

This type of insurance also provides a helpful way to develop equity. In some cases, you may even be able to borrow against the value of your policy as well. Your investment will also grow at a fixed interest rate over time.

Individuals who are younger and healthy get the most value out of whole life insurance because they can benefit from low premiums for the rest of their lives. Getting a quote for insurance when you are much older may be significantly more expensive.

Are There Downsides to Whole Life Insurance?

One of the major drawbacks of whole life insurance is that it is often more expensive than inline: entry-hyperlink , sys.id: 6Dp2WVCV6C2rnoedgQ2kZG. In some situations, it can be six to ten times costlier than term life insurance.

Some people purchase whole life insurance because they want to use it as an investment vehicle. While this is certainly possible with whole life insurance, the interest you receive is often less than what you would get from other investment opportunities. Many policies will only grow at a rate similar to a savings account, but others may have increased return potential as well.

PolicyScout will be able to get you quotes for both types of policies so you can see the potential costs and investment opportunities. If the investment is important to you, then it’s critical to thoroughly explore this issue.

How Can You Be Sure You're Choosing the Right Policy?

Whole life insurance can be more complicated than term policies, which means it is especially important to have someone review this policy in depth with you. If you terminate the policy early, for example, you may not get the full value or return on investment you had anticipated when you purchased the plan.

Let PolicyScout help you navigate this life insurance option. We can help you not only determine whether whole life insurance will work for you, but we will also gather various quotes so you can fully explore your options and get the best rate possible. Give our team a call to learn more.

Throughout the years, PolicyScout™ has developed relationships with leading insurance companies to provide the best rates for consumers. We pride ourselves on putting the consumers first and delivering a new way to shop for insurance online. With our platform, consumers can compare all types of insurance types. From Medicare, Health Insurance, Life Insurance, Auto Insurance, Home Insurance and more. By using our platform, we’ll protect your data, find you savings and even help you enroll for insurance online. We didn’t invent comparing insurance. We just perfected it.

All Rights Reserved by PolicyScout © 2020

Footer Shadow Background
Footer Background