Do you want a $500,000 Whole Life Insurance?
If all you want is $500,000 whole life insurance, you can get it right now online. Click here topwholelife.com to get your $500,000 whole life quote in less than 1 min. You will be able to compare whole life price, company strength, cash value growth, and withdrawals.
We also prepared this table to give you an idea of the MONTHLY prices with the best companies. We listed a policy that you will pay until age 100. All the following rates are assuming good health:
Male $500k paid until age 100
|Type||Age 40||Age 45||Age 50||Age 55||Age 60|
Female $500k paid until age 100
|Type||Age 40||Age 45||Age 50||Age 55||Age 60|
The previous is a list of the best performing whole life insurance on average for pure cash value accumulation and the cost associated with them.
As you can see, the prices vary greatly the older you get and depending on if you are male or female. It is highly recommended that you start as early as possible, and you lock in your insurability for the rest of your life. Remember, your whole life insurance price will be guaranteed forever.
Different factors will determine what is the best whole life for you. Your main goal shouldn’t be to get the cheapest whole life insurance and top whole life insurance. Whole Life is an asset, and as such, you don’t want the cheapest one. You want the one that will give you the best returns in the long run.
You should think about whole life insurance as an investment property. Price is important but it’s definitely not the most important.
Whole Life Insurance Break Down
To get an idea of how you should pick your whole life, we will dissect the policies based on different features. Multiple variables will determine the best whole life company for you.
Here is a list of categories and the top whole life insurance companies for each:
Top Whole Life Overall
It’s hard to pick the best whole life insurance from a wide array of different companies and multiple variables. Still, we put everything together in a simple ranking considering everything:
Best Whole Life Price
Price is relative in a whole life insurance plan; as I mentioned, Whole Life Insurance is an asset, so you want the best. Be careful getting the cheapest policy in terms of price vs. death benefit, as it might not be the best pick in the long run.
However, here is one of the best priced whole life insurance policies:
Our pick for best price vs. value is Foresters.
You can read a full review here: Foresters.
Our pick on the lowest price in a Whole Life is Assurity Life.
Top Whole Life Insurance Company
This is one of the most important factors you should consider. Look into company strength, ratings, size, and history. You also want to make sure you pick a mutual company, as the performance will beat most non-mutual companies.
Our pick for the best company is MassMutual. AM Best Rating of A++
Highest Death Benefit in a Whole Life
This is very similar to the best price. If we compare companies on the initial death benefit:
Our Pick is Liberty Mutual.
Shortest Payment Schedule
You will have to define how long you want your payments to be. Most people pick a policy that you pay for 100 years. Other prevalent policy payments are for 10 or 20 years, and after that payment period, you will keep the policy forever.
In this category, you can pick any company as most companies offer all of these payment methods.
Read more on: limited pay life insurance.
Best Cash Value Early
Do you plan to access the cash value early in the policy?
Each company has a product that will have a lot of cash early in the policy, but one of our favorites is:
Our pick here is MassMutual with its HECV product. HECV is short for High Early Cash Value. Yup, that right; this company has designed a plan specifically for someone who wants to see as much cash value as they can get at the start of the policy.
MassMutual’s HECV plan provides you with approximately 90% of your premium in cash value on day one.
The one downside to this product is it is contractually set up to be paid till age 85, and the premiums are typically larger. Here is what a $500,000 HECV looks like for a male, age 40, in good health.
Take note that in year one premium paid is $7,141.
The cash value is $6,110.
After year 3, your cash value is greater than your contributions.
Cash Value Growth in a Whole Life
When we compare companies on how much the cash value grows. This is one of our preferred methods of ranking the top whole life insurance companies.
Our Pick is Foresters
Income from Whole Life Insurance
This is one of the most important aspects of a whole life insurance policy. Many people use their whole life as an investment, and they want to generate income in retirement.
Our pick for income from Whole Life is MassMutual
Death Benefit Growth
The best whole life policy where the death benefit grows throughout the years will be through:
Our pick is Penn Mutual. More info here Penn Mutual Whole Life Insurance Review
Sometimes you will not know what is the most important aspect to you in a whole life policy. That is when speaking with someone with experience will help you determine the best fit.
The most important is to determine the purpose of the whole life – Why are you getting the whole life policy?
- Is it to leave a legacy to your family?
- For Legacy, we would suggest using Penn Mutual.
- Is it to get the best return on your cash value?
- We would suggest Foresters.
- Is it to generate income in retirement?
- We would suggest MassMutual.
If you don’t know the most important feature, please give us a call or email us at [email protected] with your questions.
We can help you find the best fit for you.
The Bottom Line
Whole Life Insurance is a little more complicated with all the features that it has. However, with an agent’s help, you can find out what features are relevant and then find the best whole life for your needs. Learn about the 7 lies of your whole life (is it really a good investment?).