Whole Life Insurance Coverage for Your Lifetime

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Whole Life Insurance

What Is a Whole Life Insurance Policy?

Whole life insurance is a type of permanent life insurance that's designed to last your whole life, rather than a specific term. As long as you make your premium payments on time, your policy will not expire. The premiums also remain the same throughout your life regardless of your age, health or lifestyle changes. It also builds cash value over time and may pay dividends¹.

Benefits of Whole Life Insurance

Lifetime Coverage

A key potential benefit of whole life insurance is that it has no expiration date. As long as you keep paying your premiums, your coverage will continue for your entire lifetime.

Fixed Premiums

Your whole life premium stays the same for the rest of your life so you don't have to worry about it increasing with age.

Cash Value

Some whole life policies build cash value, money you can withdraw or borrow from the policy while you're alive.

Living Benefits

Receive an early payout of policy death benefits if you're injured or have an illness with living benefits. This payment is made to the policy owner rather than to the beneficiary.

Estate Planning

Whole life insurance policies can be useful for estate planning purposes, as the death benefit can be used to provide liquidity for estate taxes or to transfer wealth to heirs.

Tax Advantages

The cash value component of a whole life insurance policy grows on a tax-deferred basis, meaning you won't pay taxes on the growth until you withdraw the money. Additionally, the death benefit is generally tax-free to your beneficiaries.

Types of Whole Life Insurance Policies

There are a few different types of whole life insurance based on how you pay for the policy:

Dividend Paying Whole Life Insurance

This is the standard type of whole life insurance policy. After you sign up, the amount you owe per year (the premium) stays the same for your entire life.

Non-Dividend Paying Whole Life Insurance

With limited payment whole life insurance, you only owe premiums for a set amount of time.

Single Premium Whole Life Insurance²

With a single premium whole life insurance policy, you only make one lump sum payment for your coverage.

Simplified Issue Whole Life Insurance

This is a permanent life insurance policy that does not require a medical exam or blood test. Just answer a few health questions.

How Much Does Whole Life Insurance Cost?

The cost depends on several factors, including:

Your age
If you have any pre-existing medical issues or other health issues
The size of the death benefit
The number of premiums payments you plan on making

Since these factors change on a case-by-case basis, the only way to know for sure how much a policy will cost for you is by meeting with a financial representative. After you formally apply and go through medical underwriting, we will give you the official cost and then you can decide whether to purchase a policy.

How Much Life Insurance Do I Need?

Answer a few questions about your life situation to estimate how much coverage you might need.

What is your annual income?

How many years is your family relying on your annual income?

How much do you have in existing life insurance coverage?

Advanced Calculator

Assets

About how much do you have in savings and investments?

Include bank accounts, mutual funds, stocks and bonds, IRAs and 401(k) accounts etc.

Debt

About how much do you currently owe?

Include mortgage balance, home equity loans, credit card debts, car loans and any other debt your family would need to pay off.

Final Expenses

How much would your family need to pay for your funeral?

The average traditional funeral costs between $7,000 and $8,000 in the U.S.

Children

How much will you need to cover education and daycare expenses for all your children?

How much will you need to cover education and daycare expenses for all your children? Include primary and higher education costs.

Common Whole Life Insurance Questions

When you purchase a whole life insurance policy, you will pay a premium, typically on a monthly or annual basis, to the insurance company. A portion of the premium will go towards the death benefit, which is the amount that will be paid out to your beneficiaries in the event of your death. The remainder of the premium will go towards the cash value component of the policy. Find out more about how whole life insurance works.

The cash value is an investment account that is managed by the insurance company. It earns interest over time and can be used for a variety of purposes, such as paying premiums, borrowing against the policy, or even surrendering the policy for its cash value. Find out more about cash value life insurance.

Get Your Whole Life Insurance Quote Today

We're here to help make this process a little easier with financial professionals ready to assist you on your life insurance journey.

Get My Free Quote

Give us a call 866-832-7714 866-832-7714

couple drinking coffee talking about whole life insurance

Could Whole Life Insurance Be Right For You?

Western & Southern’s whole life insurance policies can be tailored to fit your specific needs. You have the option to include supplemental add-ons, or riders, that provide you with additional protection.

Learn about the different types of life insurance options and the benefits of each.

Benefits	Whole Life	Universal Life	Term Life
Guaranteed Lifetime Coverage Coverage that lasts throughout your entire life as long as premiums are paid	Checked	Checked	NotChecked
Instant Online Quotes Preliminary instant quotes available to access your potential premium payouts and coverage if you qualify	NotChecked	NotChecked	Checked
May Build Cash Value Cash that grows tax-deferred and may be used during your lifetime	Checked	Checked	NotChecked
Fixed Premiums Same amount owed every time a payment is due	Checked	NotChecked	Checked
Flexible Premiums Adjustable premium and death benefit amounts when your needs change	NotChecked	Checked	NotChecked
May Earn Dividends Potential income from company profits at recurring times throughout the year. Dividends are not guaranteed	Checked	NotChecked	NotChecked
	Whole Life	Universal Life	Term Life

Whole Life Insurance vs. Term Life Insurance

Term life insurance is temporary coverage, so it only lasts for a set number of years. If you outlive this period, your coverage will end. With whole life insurance, you're covered for your entire lifetime, as long as you maintain the policy, rather than a set term. Whole life insurance can build cash value over time but term life insurance does not.

Whole Life Insurance vs. Universal Life Insurance

Universal life insurance is flexible. It allows policyholders to adjust the amount and frequency of premium payments, and also offers the ability to change the death benefit as needed. Whole life insurance offers more stability and predictability. The premiums and death benefit are fixed, and the policy accumulates cash value at a guaranteed rate.

Learn More About Whole Life Insurance

Why Choose Western & Southern?

When you’re looking for whole life insurance protection, Western & Southern has a history of providing life insurance to people just like you. Our financial ratings make us one of the strongest life insurance groups, offering you the financial stability you can count on. We have knowledgeable financial representatives available to help you with your insurance needs.

Financial Strength

Longevity & Stability

Financial Ratings

IMPORTANT DISCLOSURES

¹ Dividends are not guaranteed and may change at any time.

² The policy may be issued as a Modified Endowment Contract (MEC) for tax purposes. Any withdrawals or surrenders could result in a taxable event. Distributions are taxable to the extent that there is gain in the contract. A 10% penalty applies for distributions prior to age 59 ½ with certain exceptions. In order for policies funded by an exchange to be issued as a non-MEC, the entire single premium must be in the form of a 1035 Exchange and the existing policy must not be a MEC.

Single Premium Whole Life Insurance Policy or Single Premium Universal Life in some states series ICC19 1901-3030 WSA issued by Western-Southern Life Assurance Company, Cincinnati, Ohio, which operates in DC and all states except NY.

Whole Life Insurance Policy Series ICC21 2103-110, ICC21 2102-322, ICC21 2102-322, & ICC21 2107-327 issued by The Western and Southern Life Insurance Company, Cincinnati, Ohio, which operates in DC and all states except AK, ME, MA, and NY.

These policies and benefits may not be available in all states, and benefits may vary by state.

Payment of benefits under the life insurance policy is the obligation of, and is guaranteed by, the issuing company. Guarantees are based on the claims-paying ability of the issuer. Products are backed by the full financial strength of the issuing company.

Life insurance policies contain certain exclusions, limitations, reductions of benefits and terms for keeping them in force. Please contact a financial representative for complete details.

Life insurance products are not bank products, are not a deposit, are not insured by the FDIC, nor any other federal entity, have no bank guarantee, and may lose value.

Whole Life Insurance Coverage for Your Lifetime

What Is a Whole Life Insurance Policy?