What is whole life insurance?

Whole life insurance is a category of life insurance. It offers coverage your entire life as long as you make the premium payments, it doesn’t matter if you get old or develop certain health conditions. Premium is the amount you pay your insurance provider for the whole life insurance policy.

Here’s how it goes, you pay your premiums your entire life, and when you pass away, the insurance provider pays your beneficiaries a tax free lump sum. The death benefit is also known as face value. There is no limit on the number of beneficiaries you can have, you can nominate anyone to be your beneficiary.

The amount from the death benefit is often used for replacing income for your dependents, paying off loans, debts, mortgages, etc. and covering the cost of funeral and burial.

Whole life also builds cash value. The premium payments you make, part of that amount goes to cash value, the rest to the cost of coverage. Cash value accumulates in a separate account, tax deferred over the decades. Even though you may never want to touch it, it can be very helpful in the event of a financial crisis. It can be used to pay premiums if you can’t pay them otherwise. But you need to keep in mind that once you borrow from it, interest is accrued from the very first day. If you pass away without paying it back, the death benefit is reduced by that amount. After you pass away, the cash value stays with your insurance company, your beneficiaries only get the death benefit. If you purchase a rider that specifies that the beneficiaries get both the cash value and the death benefit, it goes to the beneficiaries.

What is burial insurance?

Burial insurance is a type of whole life insurance. But it is not designed to look after your dependents like other life insurance, only to take care of burial and funeral costs, paying off loans, bills, debts, and other end of life expenses.

Final expense insurance and funeral insurance are terms used interchangeably with burial insurance. Burial insurance policies never expire and the premiums remain constant as it is a type of whole life insurance.

Burial insurance has many unique features that makes it stand out from other life insurance policies. It often requires no medical exams, is portable, has quick approval rates, and has very relaxed underwriting. Underwriting is used by insurance providers to determine the eligibility for an insurance policy. It does so by analyzing the amount of risk posed by a potential client.

What is an insurance quote?

It is an estimation of your rate with an insurer. This estimation is more accurate if you are willing to give more information. You can request quotes over the phone or through email.

 

$25,000 whole life insurance policies

This section will present different $25,000 whole life insurance policies for different age groups and companies.

There are a few things you need to remember about the rates of these whole life insurance quotesrates.

  • Females in Montana will pay the same rates as the males in their age group. This is because of a state law the states both men and women will pay the same for insurance policies.
  • The cost of these whole life insurance quotes may vary depending on your health condition.
  • You need to qualify for these rates.
  • If you don’t smoke cigarettes but use other forms of tobacco, you may or may not qualify for non-tobacco whole life insurance quotes with some companies.

Whole life insurance quotes for ages 40-49

 

AGEFemale Non TobaccoMale Non TobaccoFemale TobaccoMale Tobacco
40$38.81$40.08$51.32$60.31
41$39.97$41.67$53.16$64.14
42$41.13$43.29$55.02$67.97
43$42.28$44.91$56.85$71.77
44$43.44$46.53$58.71$75.60
45$44.60$48.15$60.55$73.29
46$46.18$50.18$62.93$75.69
47$47.75$52.24$65.34$78.65
48$49.33$54.27$67.73$81.86
49$50.93$56.33$70.51$84.13

 

Whole life insurance quotes for ages 50-59

 

AGEFemale Non TobaccoMale Non TobaccoFemale TobaccoMale Tobacco
50$56.87$68.09$72.24$87.42
51$58.83$70.96$76.08$92.40
52$59.90$73.00$79.81$96.45
53$61.74$75.69$83.46$101.66
54$63.86$79.21$86.84$107.11
55$66.19$82.93$90.53$113.36
56$68.37$86.33$94.12$118.82
57$70.33$89.96$96.99$124.02
58$72.27$93.36$99.84$129.23
59$74.45$97.23$102.95$135.46

 

Whole life insurance quotes for ages 60-69

 

AGEFemale Non TobaccoMale Non TobaccoFemale TobaccoMale Tobacco
60$77.36$102.08$106.87$142.73
61$81.48$108.65$112.59$152.61
62$85.35$114.94$118.30$162.76
63$89.49$121.49$124.02$169.87
64$93.61$128.05$129.47$177.86
65$97.72$134.59$135.19$186.20
66$103.80$143.56$144.05$197.37
67$109.85$152.52$152.88$207.73
68$115.92$161.51$161.27$220.19
69$122.22$170.48$170.57$232.66

 

Whole life insurance quotes for ages 70-79

 

AGEFemale Non TobaccoMale Non TobaccoFemale TobaccoMale Tobacco
70$128.29$179.45$176.49$241.83
71$136.77$191.08$185.69$255.98
72$145.49$202.50$195.39$270.90
73$155.02$215.22$206.39$287.77
74$164.65$228.08$217.70$305.17
75$176.22$244.02$232.09$327.26
76$190.82$262.37$259.21$363.75
77$203.97$279.30$277.19$380.42
78$216.29$294.83$292.50$395.00
79$228.73$310.77$302.13$411.67

 

Whole life insurance quotes for ages 80-85

 

AGEFemale Non TobaccoMale Non TobaccoFemale TobaccoMale Tobacco
80$240.35$326.83$311.76$426.25
81$260.73$352.68$358.54$520.45
82$280.08$379.05$387.13$564.97
83$298.46$403.73$415.70$609.89
84$316.57$428.40$442.44$651.90
85$334.95$453.08$469.45$694.16

 

Are $25,000 whole life policies worth it?

Will $25,000 whole life insurance policy be too little, too much or just right?  How do you know? Here are some factors you need to keep in mind when considering the amount of coverage for life insurance policies.

  • Will the amount be enough for your goals? You need the death benefit to pay off any debts, mortgages, loans, cover the costs of your funeral and burial, and replace income for your family and loved ones? You will have to come up with as estimate of how much you need and decide if $25,000 will be enough. Your insurance provider, agent or broker or online calculators can help you with the estimation.
  • Can you afford it? There is use in buying a whole life insurance quote only to drop it a few months later because you cannot afford the premiums. It will be a complete waste of your hard earned money. You should always start with the minimum amount you think will be enough and then opt for more if you feel the original isn’t enough.
  • Money always causes family drama. If you are afraid that a $25,000 whole life insurance policy will leave some extra money that may cause problems, go for a smaller coverage.

How do I choose the right policy?

It is generally advised that when purchasing insurance policies, always buy from insurance companies that are financially reliable and stable. But there are other factors you need to keep in mind.

  • Go for the policy that is the cheapest compared to similar ones you considered from other insurance companies
  • Go for policies that offer coverage as soon as possible
  • Purchase your policy from a broker or agent, they represent many companies so you will have more options to choose from
  • Don’t be tempted to buy guaranteed life insurance just because it does not require any medical questions or exams. It has higher premiums and comes with a two year waiting period. It should be a last resort.
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