{"id":2229,"date":"2020-12-29T15:54:08","date_gmt":"2020-12-29T23:54:08","guid":{"rendered":"https:\/\/www.insureone.com\/knowledge-center\/?p=2229"},"modified":"2025-05-19T14:51:58","modified_gmt":"2025-05-19T21:51:58","slug":"is-a-whole-life-insurance-policy-worth-it","status":"publish","type":"post","link":"https:\/\/www.insureone.com\/knowledge-center\/life\/is-a-whole-life-insurance-policy-worth-it\/","title":{"rendered":"Is A Whole Life Insurance Policy Worth It?"},"content":{"rendered":"\n<p><strong>Are you considering a whole life insurance policy? Here\u2019s what you need to know to see if it\u2019s worth it for you, plus alternatives.<\/strong><\/p>\n\n\n\n<p>The concept of <a href=\"https:\/\/www.investopedia.com\/articles\/active-trading\/120814\/life-insurance-smart-investment.asp\" target=\"_blank\" rel=\"noopener\">life insurance <\/a>can get complicated, especially with policies such as whole life insurance. A permanent type of life insurance, whole life policies involve an investment component. This is where things can get a little confusing.<\/p>\n\n\n\n<p>Wondering whether or not you should purchase whole life insurance, and if it\u2019s worth it? In this article, we\u2019ll discuss whole life insurance and its benefits and alternatives, as well as how to get it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What Is Whole Life Insurance?<\/strong><\/h2>\n\n\n\n<p>Whole life insurance covers a person for their lifetime as long as the premiums are paid on time. This policy pays a death benefit to the beneficiaries when the insured dies. Premiums are a fixed amount that won\u2019t increase. While it\u2019s the most common type of permanent life insurance policy, a whole life insurance policy is not necessarily ideal for everyone.&nbsp;<\/p>\n\n\n\n<p>This policy offers a cash value investment component, which is essentially a savings component. Cash value grows over time and can serve as an emergency fund for you as the policyholder, or you can take out a loan against the policy if needed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Benefits Of Whole Life Insurance<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Covers you for life (as long as you pay the premium)<\/li><li>Whole life insurance policy rates stay the same<\/li><li>Offers a cash value accumulation<\/li><li>Provides death benefit for your beneficiary<\/li><li>Ability to borrow from the cash value of the policy on a tax-deferred basis<\/li><li>Purchase without a medical exam <\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"535\" src=\"https:\/\/www.insureone.com\/knowledge-center\/wp-content\/uploads\/sites\/4\/2021\/02\/INO-NA-WHOLELIFEINSURANCEBLOG-1308X684-JAN-21-388120-1024x535.png\" alt=\"Father and son smiling while they are playing to shave\" class=\"wp-image-2322\" srcset=\"https:\/\/www.insureone.com\/knowledge-center\/wp-content\/uploads\/sites\/4\/2021\/02\/INO-NA-WHOLELIFEINSURANCEBLOG-1308X684-JAN-21-388120-1024x535.png 1024w, https:\/\/www.insureone.com\/knowledge-center\/wp-content\/uploads\/sites\/4\/2021\/02\/INO-NA-WHOLELIFEINSURANCEBLOG-1308X684-JAN-21-388120-300x157.png 300w, https:\/\/www.insureone.com\/knowledge-center\/wp-content\/uploads\/sites\/4\/2021\/02\/INO-NA-WHOLELIFEINSURANCEBLOG-1308X684-JAN-21-388120-768x401.png 768w, https:\/\/www.insureone.com\/knowledge-center\/wp-content\/uploads\/sites\/4\/2021\/02\/INO-NA-WHOLELIFEINSURANCEBLOG-1308X684-JAN-21-388120-1200x627.png 1200w, https:\/\/www.insureone.com\/knowledge-center\/wp-content\/uploads\/sites\/4\/2021\/02\/INO-NA-WHOLELIFEINSURANCEBLOG-1308X684-JAN-21-388120-800x418.png 800w, https:\/\/www.insureone.com\/knowledge-center\/wp-content\/uploads\/sites\/4\/2021\/02\/INO-NA-WHOLELIFEINSURANCEBLOG-1308X684-JAN-21-388120.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Alternatives To Whole Life Insurance<\/strong><\/h2>\n\n\n\n<p>Whole life insurance isn\u2019t for everyone. For instance, a whole life insurance policy isn\u2019t recommended for children \u2013 you don\u2019t depend on them financially in a worst-case scenario (like when a breadwinner dies). Below are alternatives for life insurance:<\/p>\n\n\n\n<p><strong>Term life insurance \u2013&nbsp;<\/strong>The most common type of life insurance, term insurance is a simple policy that pays a death benefit to your beneficiary. While there\u2019s no cash value involved with term insurance, it\u2019s an affordable policy.&nbsp;<\/p>\n\n\n\n<p><strong>Universal life insurance \u2013&nbsp;<\/strong>A type of permanent insurance, universal life is a low-risk option that is tied to a market index \u2013 thus, it will fluctuate accordingly.<\/p>\n\n\n\n<p><strong>Guaranteed life insurance \u2013&nbsp;<\/strong>A good option for those who have health concerns or are older, guaranteed life insurance doesn\u2019t require a medical exam when you apply. It involves a cash value that builds over time and pays a low death benefit.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Should I Purchase Whole Life Insurance?<\/strong><\/h2>\n\n\n\n<p>As mentioned earlier, whole life insurance isn\u2019t the right choice for everyone. It\u2019s ideal for someone who wants predictability over time due to the policy\u2019s fixed premiums and benefit guarantees. Whole life insurance is also good if you have a lot of wealth and want to defer taxes while accessing the value of the policy. The best way to know for sure is to talk with an agent.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How To Get Whole Life Insurance<\/strong><\/h2>\n\n\n\n<p>InsureOne understands that the best whole life insurance provides peace of mind, so we give you free whole life insurance policy quotes that satisfy your needs and budget. Call (800) 836-2240 to speak with an experienced representative who will provide you with a free whole life insurance quote.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"button__container button__container_centered\" style=\"text-align: center\"><a class=\"button button-secondary\" href=\"https:\/\/www.insureone.com\/whole-life-insurance-quote\/\">Get a Quote<\/a><\/div>\n<div>&nbsp;<\/div>\n<div class=\"button__container button__container_centered\" style=\"text-align: center\"><a class=\"button button-primary\" href=\"tel:800-836-2240\">Call Us<\/a><\/div>\n<div>&nbsp;<\/div>\n<div class=\"button__container button__container_centered\" style=\"text-align: center\"><a class=\"button button-primary\" href=\"https:\/\/www.insureone.com\/find-an-office\/\">Find Your Office<\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>Are you considering a whole life insurance policy? Here\u2019s what you need to know to see if it\u2019s worth it for you, plus alternatives. The concept of life insurance can get complicated, especially with policies such as whole life insurance. A permanent type of life insurance, whole life policies involve an investment component. This is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-2229","post","type-post","status-publish","format-standard","hentry","category-life"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/2229"}],"collection":[{"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/comments?post=2229"}],"version-history":[{"count":6,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/2229\/revisions"}],"predecessor-version":[{"id":2324,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/2229\/revisions\/2324"}],"wp:attachment":[{"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/media?parent=2229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/categories?post=2229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/tags?post=2229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}