March 25, 2024

Choosing Whole Life Insurance That Fits Your Needs

Ensuring your family’s well-being and legacy in case of emergencies is crucial, and life insurance can be a powerful tool to achieve this. 

Securing life insurance now can save you money, since life insurance typically costs more as you get older, and the coverage that life insurance provides can help ensure your family’s well-being for the future. Whole life insurance is a popular type of life insurance and can be a tool that offers many advantages. Choosing a whole life policy that fits your needs is a matter of understanding the options available, evaluating them in terms of your situation, and getting the guidance and support to select a policy that works for you.

What is Whole Life Insurance?

Whole life insurance is life insurance that covers you for the remainder of your life—however long that may be–while also allowing you the option of tapping into the cash value of your policy while you’re alive. Whole life insurance starts like most other life insurance policies: you select the level of coverage you need and then begin making premium payments. Unlike term insurance policies, a portion of your premium payment is deposited into a cash value account that grows over time. You can access the cash value account of your policy through a loan, withdrawal, or surrender.

What are the advantages?

There are many strengths and advantages to whole life insurance policies that may make them a better choice for some clients than term life insurance. In addition to providing a financial safety net and peace of mind for you and your family, whole life insurance also offers the following:
  • Income Tax-Free Death Benefit: Whole life insurance policies offer income tax-free death benefits, which can help provide financial support and reduce the burden on beneficiaries during a difficult time.
  • Guaranteed Premiums: As long as you maintain your policy, your premium rates don’t increase. Securing life insurance now can save you money, since life insurance typically costs more as you get older.
  • Dividends: Whole Life insurance policies may be eligible for dividends, with multiple options of how to utilize those dividends. Several of our BetterLife Whole Life Insurance policies are eligible for dividends – it’s our way of sharing our success with members as we grow. 
  • Cash Value: Whole Life Insurance has a cash value that builds and can serve as a financial tool. 
Multi-faceted and scalable, whole life insurance policies are an option to consider when weighing your life insurance options.  As with all of our policies, we have many coverage levels and options for riders available, empowering you to make your policy your own.

Types of Whole Life Insurance Policies

BetterLife offers three types of whole life insurance policies, which allow our clients to select the features and level of coverage that are right for them. No matter which one you choose, you’ll still benefit from the security that BetterLife Whole Life Insurance offers: 
  • Level Premium Whole Life establishes your premiums when the policy is issued, and guarantees that those premiums will not increase for the policy life. Level Premium Whole Life policies offer coverage ranging from $25,000 and up.
  • Limited Pay Whole Life takes a different approach to premiums, limiting premium payments to a 10 or 20-year term, depending on the policy. However, insurance coverage continues for your whole lifetime, even after premium payments have ceased. Limited Whole Life policies are available from $25,000+.
  • Single Pay Whole Life allows you to buy a whole life insurance policy with a single, one-time payment, which gives you a lifetime of coverage thereafter with a range from $25,000 and up.

Finding the Whole Life Insurance Solution That Works for You

Whole life insurance offers a series of options for potent and versatile life insurance solutions–but which one is best for you? It depends on your current position, goals, and overall financial plan. Our insurance agents at BetterLife offer personalized assistance to help you find the whole-life insurance solution that fits both your present and future needs. Contact BetterLife today and we’ll discuss whole life insurance and help you get the coverage you need.  B0923 3/29/26