Principal, LifeNet Insurance Solutions, Redmond, WA
The is no average cost that would be meaningful. That said, whole life insurance is generally more expensive because there is a cash value component of the policy unlike term coverage or certain universal life policies that generally have little or no cash value. Whole Life has certain benefits in certain situations, but it more complex than a discussion here allows.
A whole life policy is no different than any other type of life insurance policy when it comes to premiums or price. There are a lot of factors involved when underwriting whole life insurance such as build, lifestyle, occupation, health concerns, age, place of residence, etc. Then you must consider the premium differences in life insurance companies. I have seen premiums vary on the same individual with different companies that one will charge double another company. I highly recommend using an experienced life insurance broker to shop out different carriers for the best price for your unique situation.
Owner/ Financial Planner, Laura Knight Insurance Agency, PLLC, Montana
Whole Life Insurance is going to take into consideration all the same factors as a term or Universal Life policy!
Whole life is going to be more expensive than term because of the factors of building cash value in the policy. I believe your best option is to contact an experienced agent to review your needs to assess what would be the best amount and product to go with.
Keep in mind one of the most important things to consider is your policy having Living Benefits within the policy you choose!
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Whole life is going to be more expensive than term because of the factors of building cash value in the policy. I believe your best option is to contact an experienced agent to review your needs to assess what would be the best amount and product to go with.
Keep in mind one of the most important things to consider is your policy having Living Benefits within the policy you choose!