All Life Insurance Tips

which company offers "good" whole life insurance?

I am sick of term life insurance and the company I am with now is abysmal. I would appreciate any help. I have a wife and two daughters, it's about them, not me....

Public Comments

1. For whole life insurance is absolutely essential to purchase it from a "Mutual Insurer" not a stock company. The Mutual insurance compay is owned by the whole life policyholders and dividends are paid to the policyholders. Stock companies pay their dividends to shareholders so the performace of their whole life is sub par. The mutual companies I would suggest are Ohio National, Guardian, Mass Mutual, New York Life, State Farm, USAA, and Northwestern are the top of class. However there are many types of whole life such as 20 or 10 pay (you pay for 20 or 10 years and no more payments are due), paid up at 65, traditional (age 100), or whole life 120 (lower premiums, but goes out to age 120). There are also plans that maximize cash value and some have a rider where you can access your death benefit for long-term care. Also, when considering life insurance the most important part of the decision is to have the correct death benefit and since the price tag (not cost) is much higher on whole life you typically will go with a combination of whole life and term to fit your budget and make sure the term is with one of the mutual companies so you can convert to whole life down the road, regardless of changes in your health. One thing is important, please don't listen to anyone who rails agaings whole life insurance, they do not understand the economics of whole life insurance and are not looking at the big picture. I highly reccomend that you consult a professional when structuring your life insurance. I would be happy to guide you futher if you wish to contact me.
2. They're ALL pretty much the same, as long as you buy based on features and financial strength ratings. Keep in mind, that whole life is probably going to cost you about ten times what the term costs, but you'll have it FOREVER. Go see an independent broker near you, who can quickly shop out through dozens of companies to see who's going to give YOU a good price. It's going to be personalized, based on your age, health, habits, and where you live.
3. Look online at the AAA rated life insurance companies. NY Life is one.
4. I work for a non-participating company (does not pay dividends), but I carry my personal policies through Northwestern Mutual. Their whole life policies allow you to reinvest your dividends as paid-up additions, meaning you end up with more coverage as time goes by, but your price never changes. Or, you can keep your original coverage amount the same and use the dividends to reduce your annual payment. Your whole life coverage will definitely cost you more than term insurance. If you applied for both term and whole life at the same time, whole life would cost about 3x as much as the term. If you have had your term for a long time, you will see a larger price increase due to your older age (and possibly worse health). If you find that your health prevents you from getting a good health rating on a brand new whole life policy, ask your old company if you can convert your term to whole life without evidence of insurability. One other thing to consider is owning both Term and Whole Life. If you are trying to protect your family while your kids are young, then get a term policy that lasts until they are both done with college (or until your mortgage is paid off, or whatever burden you're trying to avoid). It's much cheaper than whole life and it only lasts for the time that you need it. After the obligation has passed, there's no need to keep paying for it. Then you can do a smaller whole life policy on the side (since it's more expensive per unit), and your family can use that for a funeral and any miscellaneous expenses when you finally pass away.
5. You should contact an insurance broker in your local. Get some referrals from your friends you trust. Ask them if they have life insurance.