Written by Danny Ray

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When Should You Buy Whole Life Insurance 


Whole Life Insurance… With so many life insurance options out there, deciding on a policy can be difficult. First, you’ll need to choose between Whole Life insurance and term life insurance. (Such as 20, 30 year term life insurance.)  Above all, life insurance is a necessity for people who want to protect their family.

Purchasing a life insurance policy is an extremely important financial decision. It’s best to be very well-informed before deciding on a policy.  Whether you are looking to purchase a half million dollar policy or a $1,000,000 dollar policy, it is important to be educated in the art of life insurance.  There are many factors to consider before finding the perfect plan for you. For example, such as your budget and how long the coverage you need. Also, how many people are financially dependent on you, etc.
Remember, it’s not about replacing your income after you die. Life insurance protects your family from inheriting your debts, mortgages, and final expenses. Although it’s not fun thinking about one’s own death, life insurance can bring you peace of mind. Knowing that your family will be OK no matter what happens to you is most important. We will discuss whole life insurance plans, whole life insurance companies, and how to get the best whole life insurance rates.  Let’s continue 🙂 

Should I Get Term Life Insurance Or Whole Life Insurance 

Deciding between term life insurance and whole life insurance is the first step. While whole life insurance has pricier premiums, they’ll stay consistent for your entire life. On the other hand, term life insurance premiums will be far more expensive if you end up purchasing another plan later in life. Remember, when you are older, you’re considered a higher risk.
Another perk of permanent life insurance is that some of the money that you pay goes into a cash account. In addition, this allows you to accumulate cash value over time. It’s a bit like collecting interest. This cash value is available if necessary. But otherwise, it will pay to your family upon death.

Best Permanent Life Insurance Policy


Don’t rush into buying a whole life insurance plan yet — for such an important financial decision, it’s essential that you weigh out your options. Understand that a whole life insurance policy is really an investment. It takes years before the policy really starts paying off. Permanent life insurance may not be a viable option for those on a tight budget.
Whole life policies offer fixed premiums, a guaranteed death benefit.  Whole life coverage is designed to build tax deferred cash value. In fact, permanent life insurance provides coverage for the insured’s entire life.  As long as premiums are  paid and the policy has not been surrendered.

Best Permanent  Life Insurance Companies 

Phoenix Life has a wonderful permanent life product called Life Remembrance. It has living benefits built into the policy. Living benefits is a critical, chronic and terminal illness rider that allows you to tap into the death amount without passing away.
In fact, it is great for seniors. Especially those seniors over 75.

Whole Life Insurance Rates Comparison 

Top rated whole life insurance companies… AIG is a fantastic choice for Permanent Life Insurance.

Whole Life Rates

Whole Life Insurance Rates Comparison

How to get the Best Whole Life Insurance Rates

We have plenty of tips to help you get better rates from the best life insurance companies. Although whole life plans are not your cheapest life insurance option, there are measures you can take to lower the prices. Check out the list below for some suggestions on how to lower the cost of your permanent life insurance:
For the lowest price whole life insurance… 
Quit Smoking — Cutting out all tobacco products before applying for whole life insurance can cut the price of your premiums in half. This is one of the most effective ways to lower the cost of your life insurance. Remember, getting life insurance for smokers raises rates 3-4 times. 
Diet & Exercise — Eating healthier and exercising before applying for whole life insurance can get you a much better quote. Taking measures to improve your overall health will go a long way. Also, when the life insurance companies are assessing your level of risk determining the approved rate.
Shop Around — One of the best ways to get cheap whole life insurance coverage is by receiving several quotes before deciding on a policy. The medical underwriting for life insurance companies varies drastically. Thus, the assessment of your risk level will also vary from company to company.

Best Value ~Approval Process

  • Simplified issue: You answer some health questions but you don’t have to take a medical exam.
  • Guaranteed issue: There are no health questions or medical exam and you’ll be accepted.
  • Fully underwritten: You will be required to fill out a lengthy application and take a medical exam. If you have some health issues, your independent agent can find the best price by applying you for a fully underwritten policy.
*Keep in mind, Simplified issue and Guaranteed issue policies don’t pay the full death benefit if you die within the first few years of coverage.

Pros and Cons of Permanent Life Insurance

Clients may find whole life attractive because it offers coverage for a length of time. It is the attractive choice for insuring  “permanent” insurance needs, see the following:

  • Burial expenses
  • Estate planning
  • Surviving spouse income
  • Supplement your retirement income

Clients may find whole life a less favorable choice, due to the higher premiums, see below:

  • Large debts
  • Children’s needs and  through the dependency years
  • Young families with large needs /limited income

Permanent Life Insurance



Why Should I Hire An Independent Insurance Agent 

Term Life Insurance

Danny Ray ~Founder/Owner of PinnacleQuote

More importantly, Why should you hire Danny Ray?
Working with an independent insurance agent can be a great investment.  This type of life agent is very knowledgeable of the life insurance industry. Most important, they’ll be able to connect you with the top life insurance companies.
An independent insurance agent can save you loads of money on your whole life insurance policy. They’ll have an idea of which companies are likely to offer you the lowest prices. In fact, this can save you a lot of the time and hassle that you would need to spend on comparing quotes. 
It’s also helpful to have an expert that can answer your questions and help you make the best decisions. They’ll help you decide between term life insurance and whole life insurance. An independent agent will help you calculate how much life insurance you’ll need. While it’s important to be patient before choosing a policy, it’s risky to put off buying life insurance.
Keep in mind, Danny specializes in all aspects of life insurance.  He is greatly knowledgeable in key man life insurance, business life insurance, in addition he can help you choose the best cheap affordable life insurance no matter what type of policy you are looking for.
If you have any questions, please feel free to contact us at PinnacleQuote (855)380-3300.
Learn more about diet and exercise, CLICKHERE
Danny Ray & Lisamarie Monaco Contributed To This Article
Danny Ray & Lisamarie Monaco Contributed To This Article

Here at PinnacleQuote Life Insurance Specialists we always put the CLIENT FIRST!! We are not in the business of selling life insurance, but to educate, and provide the best options for you and your family. This way you can make the best choice to properly protect your family. We have over 300 life products available to tailor make a policy for any one of our client’s needs!

We offer the Best PRICE, Best CARRIER, GUARANTEED!

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