Is Whole Life Insurance Expensive?

Comments

2 responses to “Is Whole Life Insurance Expensive?”

1. 

   November 10, 2014

   Jim Winkler

   That is a great question! I guess you need to define expensive. Depending upon your health , amount of coverage wanted, and your age, it certainly can be, or it can be very affordable. It will generally be more affordable than a term policy will be , but much less expensive should you want that term policy extended. I’d ask you to talk it over with an agent, and get a good idea of what your budget will allow. Thanks for asking!
2. 

   November 8, 2014

   Peggy Mace

   Whole Life insurance usually (not always) costs quite a bit more than Term Life. That is because Whole Life lasts your “whole life”, whereas Term insurance will end after a number of years. Whole Life also offers features that are not available with Term Life, such as cash value, the ability to have the policy pay the premiums at some point, etc. So whether someone feels that Whole Life is expensive depends on whether they feel the permanent nature of the policy, and the extra features, are worth it to them.