Whole Life Insurance is guaranteed to endow for the death benefit...

Before you request your whole life insurance quote, get the facts!

The main thrust of whole life insurance is the fact that it builds enough cash value to "endow" at endowment age (see life insurance glossary).  Endowment age is usually age 100.  Endow means that the policy will have as much cash value in it as the face value; the cash value will equal the face amount (death benefit) on a guaranteed basis at age 100.  To guarantee this kind of cash value buildup, a significantly higher amount of money needs to be put into a whole life policy.

• Whole life insurance is also guaranteed to have the death benefit in place as long as the premiums are paid.  This is similar to Universal Life which features a guaranteed death benefit for the entire life of the client; not just to age 100 (see Universal Life; UL is usually cheaper coverage)

• The premiums are set in stone in a contractual agreement and are guaranteed to never increase.

• You can withdraw money from a whole life policy provided there is enough cash value buildup.
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Guaranteed Issue Whole Life Insurance Quote

Guaranteed Issue Whole Life Insurance is for those clients who want to get a policy with no questions asked because of health issues, hazardous avocations, or other personal reasons.  Guaranteed issue Life Insurance is different from regular issue (or preferred risk) life insurance in that:
 

• The policy is a whole life policy
   

• The policy's death benefit (face amount) is deferred for a 3 year period of time
   

• The policy is more expensive as you do not have to go through underwriting
   

• Policies are limited to those who are between the ages of 46 and 80 years of age

The most critical feature of this type of policy is the 3 year payoff deferral.  More specifically, if the insured were to die within the first 3 years of owning the policy, the beneficiary would not get the full face amount - they would get the premiums that were paid into the policy to date plus 10% interest on those premiums.  After this 3 year waiting period, the full face amount of the policy would pay to the beneficiary in the event that the insured passes.

The benefits of getting this type of policy:
 

• A Whole Life Policy builds cash value - you can withdraw money from the policy
   

• There are no health questions asked whatsoever
   

• Quickly get a policy; no long waiting period to begin coverage
   

• Plan covers you and provides security for your loved ones