Welcome to Term Life Insurance for Males, where we specialize in providing the lowest cost of whole life insurance to men of all ages.
In this article, we’ll review what exactly whole life is, and how it differs from other insurance policies.
Since we offer a wide variety of products from 10 year term to guaranteed life insurance coverage to age 120, you’ll need a general understanding of the types of insurance before deciding to purchase whole life.
And rest assured that regardless of your insurance needs, we can help.
Types of Life Insurance
In order to have a proper understanding of whole life insurance, you need at least a rudimentary understanding of the other types of life insurance.
The two main types are term and permanent insurance. Term life insurance is purchased in durations, such as 10, 20, or 30 year term, and is designed to provide coverage for a limited period of time.
During the term duration, the premiums remain fixed, meaning they cannot increase. After the term ends, the policy owner’s premiums increase on an annual basis, known as annual renewable term. Annual renewable term is outrageously priced, so if you already know that you want a policy that provides coverage for your entire life, you’ll save a lot of money purchasing a permanent policy such as whole life.
The other type of life insurance besides term is permanent life insurance. Simply put, while term insurance intends to provide coverage on a temporary basis, permanent life insurance was designed to provide coverage for the rest of your life.
The two types of permanent coverage are whole life insurance and universal life. Since the insurance company knows it’s on the hook for a death claim one day, you can imagine that this coverage costs quite a bit more than 20 year term life insurance.
Cost of Whole Life Insurance for Men
Whole life insurance premiums are comprised of current cost of insurance fees as well as additional mandatory premium to build up what’s called your cash value or accumulation value. Since whole life has this cash value component, if you end up canceling your policy at some point, you’ll probably get some cash back.
Universal life is a bit more flexible, where you essentially decide whether or not to send in the additional premiums. If you don’t send in sufficient premiums your face value may decrease or your policy could lapse. If you do send in additional premiums, the policy values may grow to the point where one day, you can stop paying premiums entirely.
Dividends – How to Use Them
One unique feature whole life has is that it may pay “Non Guaranteed” dividends.
Dividends can be used to buy paid up additions, adding to the cash value and death benefit of the policy, as the premiums purchase bits of “extra” insurance. The more common uses for dividends are cash payments, which can be used to supplement retirement income, or even as the sole source of income, I suppose. Last, you can use them to reduce your premiums.
Term vs Whole Life Insurance – Which is Better?
Most of our clients buy term life insurance. Term is typically going to be less expensive than whole life and its purpose is to insure you for a short period of time, such as 10 or 20 years. That’s because life insurance is most frequently used for salary replacement in the event of a family member’s passing. So if you plan to work 15 more years, a 15 year term policy may offer the exact amount of protection you need. There’s no cash value to term life insurance.
A term life insurance premium simply charges you the least amount of premium for the most amount of coverage. 10 year term means the premiums cannot increase for 10 years, and 15 year term means the prices are guaranteed to stay level for 15 years, and so on. When you consider the cost of whole life insurance remember that it offers level premiums as long as you live, and builds cash value. If cash accumulation is not your goal, you might actually want a guaranteed universal life policy to age 100 or 121. Guaranteed UL’s may be guaranteed for life, but won’t build up as much cash value and maybe none at all.
Do you only sell Whole Life Insurance for Males?
No. We also offer life insurance to females. We have optimized our website to target males, because we are quite familiar with the health conditions that commonly plague men, such as high blood pressure and coronary artery disease. The other common ailments we see are obesity and diabetes. Since we’ve helped hundreds of men obtain affordable life insurance coverage with these health risks, we know which companies provide the best pricing for each health condition, which means we save our male clients money.
Whole Life Insurance Quotes
If you use our quote form on the right, what you’ll find are types of life insurance options such as “to age 95 level” and “To Age 121 level, no lapse guarantee”. These are actually both going to quote you options that may provide coverage for the rest of your life, but they are correctly labeled as types of universal life policies. Remember, these types of policies won’t build much cash value, whereas you will build substantially more in a whole life contract.
In order to see whole life insurance quotes, you have two options. You can either call us at 877-996-9383 to request an illustration, or you can run instant online quotes using our form to the right for one of our other permanent products.
You can then request an application, and in the message, include a message that you are also interested in knowing the cost of whole life insurance. Alternatively, one of our representatives will call you to follow up on your quote request and you can request the illustration from him or her.