How Much is a $500K Whole Life Policy? by TheG

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 

Type Age 40 Age 45 Age 50 Age 55 Age 60
Whole Life
$651
$827
$1,057
$1,351
$1,725

Female

Type Age 40 Age 45 Age 50 Age 55 Age 60
Whole Life $522
$653
$837
$1,083
$1,406

As you can see, the prices vary greatly the older you get and depending 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 for ever.

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.

There are different factors that will determine what is the best whole life for you. Your main goal shouldn’t be to get the cheapest whole life insurance, but the 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 a investment property. Price is important but it’s definitely not the most important.

Whole Life Insurance Break Down

In order to get an idea of how you should pick your whole life, we will dissect the policies based on different features. There are multiple variables that 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

Best Price

Top Company

Highest Death Benefit

Short Payment Schedule

Cash Value at Beginning

Cash Value Growth

Income from Whole Life

Death Benefit Growth

Top Whole Life Overall

It’s hard to pick the best whole life insurance from a wide arrange of different companies and with multiple variables, but we put everything together in a simple ranking taking everything into consideration:

# 1 #2 #3
MassMutual Logo

MassMutual

Ohio National Logo Ohio National New Your Life Logo New Your Life

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.

Ohio National Logo

Our pic for best price vs value is: Ohio National.

Liberty Mutual Logo

Our pick on cheapest price in a Whole Life is Liberty Mutual.

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.

MassMutual Logo

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 best price. If we compare companies on the initial death benefit:

libertymutuallogo

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 very popular policy payments are for 10 or 20 years, and after that payment period you will keep the policy for ever. In this category, you can pick any company as most companies offer all of these payment methods.

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:

MassMutual Logo

Our pick here is MassMutual with their 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 day one.

The one down side to this product is it 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.

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.

Ohio National Logo

Our Pick is Ohio National

Income from Whole Life Insurance

This is the one of the most important aspects of a whole life insurance policy. Many people use whole life as an investment, and they want to generate income in retirement.

MassMutual Logo

Our pick for income from Whole Life is MassMutual

Death Benefit Growth

The best whole life policy where the death benefit grows though out the years will be through:

Ohio National Logo

Our pick is Ohio National.

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 New York Life
  • Is it to get the best return on your cash value?
    • We would suggest Ohio National
  • Is it to generate income in retirement?
    • We would suggest MassMutual

If you don’t know what is the most important feature to you, 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 the help of an agent you can find out what features are relevant and then find the best whole life for your need.

Also check out our whole life $250,000 and $1,000,000 whole life article.

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