How much does whole life insurance cost?

Whole life insurance may be less expensive than other permanent policies. The cost of any life insurance policy will depend on factors like your age, your health (including your life insurance medical exam results), and how much life insurance coverage you need.

How long does it take for whole life insurance to build cash value?

A whole life insurance policy will begin building cash value as soon as you pay your first premium, and it will continue building throughout the life of the policy as long as there are funds in the account.

Can a whole life policy's death benefit and premiums be changed?

No, whole life insurance has a fixed death benefit and premiums, offering a more straightforward policy experience than other types of permanent life insurance.

How long do you have to have whole life insurance before it pays?

Whole life insurance policies pay out when you pass away as long as the policy is active. However, life insurance policies typically have a contestability period of two years after the policy activates. If you pass away during that period and your insurer finds undisclosed health conditions or other discrepancies in your application, your policy may not pay out. If they don't find any discrepancies, your policy can pay out no matter when you pass away.

What is the difference between whole life and universal life insurance?

The key difference between them is that universal life insurance allows you to adjust your premium and death benefit amounts, whereas whole life has a fixed premium payment and death benefit.

Whole Life Insurance

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Whole Life Insurance

What is whole life insurance?

Whole life insurance is a type of permanent life insurance, meaning coverage lasts your entire life. Whole life insurance policies offer a savings component built in that grows cash value at a fixed rate over time. The cash value grows at a guaranteed rate of return, and your premium is locked in for life as long as you keep up with payments.

What are the benefits of a whole life insurance policy?

Whole life insurance is a popular type of permanent life insurance, offering lifelong coverage, a fixed premium and death benefit, and a cash value savings component that you can borrow against or even use to pay your premiums.

Guaranteed cash value growth

Whole life insurance builds tax-deferred cash value over the life of your policy. A portion of every premium payment you make goes towards your policy's cash value, which grows at a fixed rate over time. When the cash value grows to a certain amount, you can borrow from your whole life policy or withdraw it and use the funds however you'd like.

Fixed, consistent premiums

You pay the same amount for your policy every month, guaranteed, as long as you don't miss a payment. Ideally, if your income increases over time, the payment amount will become more affordable for you, and your premium will never increase.

Guaranteed death benefit

Unlike term life, which provides coverage for a specified period of time, your beneficiaries are guaranteed to receive your policy's death benefit no matter when you pass away. And as long as you pay back any outstanding loans against your policy, your death benefit amount won't change.

Why choose Progressive Life by eFinancial?

TRUSTWORTHY

4.7 TrustScore

eFinancial boasts a 4.7 TrustScore on Trustpilot based on hundreds of customer reviews.
LEADING

Innovator

Fidelity Life & eFinancial have been awarded multiple U.S. patents, including one for their flagship product, RAPIDecision® Life.
SIMPLICITY

Easy application

Simply answer a few health and lifestyle questions to see if you qualify.

Pro tip:

Comparing whole life insurance quotes isn't always apples to apples. Pay attention to these factors for a more accurate comparison: the coverage amount (or death benefit) you're offered, the premium you're quoted, and the rate of growth for the policy's cash value. When you quote whole life insurance with Progressive Life by eFinancial, a licensed representative will help you choose a policy that fits your specific needs. Call 1-855-627-1883 to review your options.

How does whole life insurance differ from term life insurance?

Some policyholders choose whole life insurance over term life because it offers lifelong coverage and an additional financial resource, due to its cash value. Here's a quick comparison to help you determine if whole life is right for you:

Whole life insurance

Coverage lasts your entire life
Cash value component that grows at a fixed rate
Higher premiums

vs.

Term life insurance

Coverage is temporary (a set number of years)
No cash value component
Lower premiums
No-medical-exam options

Still wondering which is right for you? Learn more about term vs. whole life insurance.

Commonly asked questions about whole life insurance

Whole life insurance may be less expensive than other permanent policies. The cost of any life insurance policy will depend on factors like your age, your health (including your life insurance medical exam results), and how much life insurance coverage you need. The insurance company you select can also be a factor, as rates can vary.
Use our life insurance calculator to estimate how much coverage you may need.
A whole life insurance policy will begin building cash value as soon as you pay your first premium, and it will continue building throughout the life of the policy as long as there are funds in the account. However, you're typically required to have the policy for a certain amount of time (usually 2–5 years) before you can borrow from the cash value. Your policy will note those details.
Whole life insurance policies pay out when you pass away as long as the policy is active. However, life insurance policies typically have a contestability period of two years after the policy activates. If you pass away during that period and your insurer finds undisclosed health conditions or other discrepancies in your application, your policy may not pay out. If they don't find any discrepancies, your policy can pay out no matter when you pass away. Find out how long you have to claim a life insurance payout.
Also, whole life insurance policies are typically set to expire and pay out to you (instead of your beneficiaries) if your cash value grows to equal your death benefit amount by the time you're a certain age — usually 100 or older.
Whole life and universal life insurance are both permanent life insurance policies that last your entire life, if you pay your premiums. The key difference between them is that universal life insurance allows you to adjust your premium and death benefit amounts, whereas whole life has a fixed premium payment and death benefit. The cash value of a universal life policy also varies based on market conditions, whereas whole life cash value grows at a fixed interest rate. If you're looking for a straightforward, less risky permanent life policy, then whole life may be the right choice for you.
Learn more about whole life vs. universal life insurance.