Frequently Asked Questions

FAQ

A mother and her child embracing each other Here are the answers to the most commonly asked questions about the products and our free comparison service:

What service do you offer?

We provide estimates of the premiums on a plan with constant death benefit coverage for the consumer. Whole life coverage provides both a living death benefit, or cash value, and a death benefit, or the proceeds paid out to beneficiaries. Premiums do not change over the extent of the contract. These policies have the ability to accrue cash value on a tax-deferred basis. This value can be borrowed against or withdrawn to meet financial needs throughout the insured's lifetime.

How long will this type of plan provide protection?

This type of plan is intended to offer protection for as long as the customer lives. However, most of the policies on which you will receive pricing estimates will have some kind of maximum coverage period, usually age 100 or 121. If and when the policyholder reaches the maximum age, the face amount of the agreement will be paid to him/her.

What are dividends?

Dividends are a type of refund of excess premiums the policyholder paid. When the insurer's actual costs fall below the premiums received, the insurer might refund the difference to the consumer. Dividends are a possibility but not a guarantee. You should not count on the receipt of dividends when looking for pricing estimates.

What's the difference between permanent and whole life insurance?

Whole is a type of permanent coverage. When you get a whole policy, you are getting quotes on a form of a permanent plan. Permanent usually refers to any policies except for term, which provides only a finite amount of protection. Whole, universal, and variable life are the most common types of permanent plans.

Can I have more than one beneficiary on my policy?

Yes, you can name as many beneficiaries as you like. For consumers who name more than one beneficiary, the proceeds of the policy will be split equally unless the insured specified otherwise.

What tax benefits can I take advantage of?

The tax incentives that come with whole life policies are some of the strongest reasons to use our free service to compare premiums. For one, whole life policies accumulate tax-deferred cash value, so you will not have to pay capital gains or income tax on the money until you withdraw it from the policy. Secondly, the proceeds of all policies are not subject to income tax, which provides a tax break to your beneficiaries.

If I cancel my plan, what happens to the cash value?

If you cancel your agreement or your insurer terminates it, the cash value is still yours to keep. The cash value of the agreement will be paid out to you upon termination or cancellation.

Why are the premiums on whole higher than those of term?

You will find that whole quotes tend to be a little higher than those of term policies. This is because whole life has more to offer in terms of cash value accumulation and because the premiums will never increase as long as you live. Term premiums become higher as you grow older. In the long run, then, whole is usually the more economical option.

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Find the best rates Coverage permanency and never-increasing premiums are just a few of the benefits whole life has to offer.