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Whole Life Insurance Coverage for Your Lifetime

Request a whole life insurance quote to help insure those you love.

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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.
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How Much Does Whole Life Insurance Cost?

The cost depends on several factors, including:

  1. Your age
  2. If you have any pre-existing medical issues or other health issues
  3. The size of the death benefit
  4. 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.

How many years is your family relying on your annual income?
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Common Whole Life Insurance Questions

How does whole life insurance work?

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.

What is the cash value of life insurance?

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.

What’s the difference between term life & whole life insurance?

While both whole life and term life insurance provide death benefits as long as premiums are current, term life insurance doesn’t guarantee the death benefit for a lifetime. Instead, you purchase term life insurance to cover a specific term, often 10 to 30 years. When the policy expires, the benefit expires. If you want to continue coverage, you must buy another term and pay higher premiums.

Is term life or whole life insurance better?

Deciding which type of life insurance to choose will depend on your financial situation, the type of protection you and your family need, and how a life insurance policy might fit into your investment portfolio.

If you’re relatively young and anticipate your need for life insurance will grow over time, it could make sense to purchase a whole life policy while you can lock in a low premium rate for a higher benefit amount. As you and your policy age, you’ll be able to watch your policy build cash value over time and then leverage that value as needed.

Often, people nearing retirement age will purchase a whole life policy for an amount that will ensure their final expenses will be paid and provide their adult children with an inheritance to use to start their own savings.

If you’re looking for a less expensive life insurance policy or only need coverage for a fixed time, a term life insurance policy might be the preferred choice. Term policies can also be easier to get, especially for older people with health issues who prefer to forego a medical exam. While it won’t guarantee coverage over your entire life, term life insurance offers peace of mind for a limited time.

Who is whole life insurance ideal for?

Whole life insurance is a sound choice for anyone seeking long-term protection for their family, guaranteed savings, and on-demand liquidity. Young adults, individuals in mid-career, and those readying for retirement have all found reasons to pursue whole life insurance.

Can you cash out whole life insurance?

Your policy’s cash value is, in essence, a savings account that accumulates value based on a portion of your premiums. If you decide to cash out your whole life insurance policy, you don’t get all of the money in premiums back. Rather, you receive the full value of the policy when you cash it out, which will be some portion of the premiums you paid plus interest earned and minus fees.

Surrendering your policy may help you gain immediate access to cash, but it’s usually not recommended. While you can cash out your account if you prefer, you might consider taking a withdrawal or a policy loan instead. A withdrawal will reduce the payout amount while keeping the policy in force, while a loan — which also keeps the policy in force — can be paid back.

In some circumstances, policyholders make their premium payments from the accrued cash value of their policy, keeping the death benefit intact while lowering or eliminating their premium payment.

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.
Give us a call 866-832-7714 866-832-7714
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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
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Instant Online Quotes Preliminary instant quotes available to access your potential premium payouts and coverage if you qualify
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May Build Cash Value Cash that grows tax-deferred and may be used during your lifetime
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Fixed Premiums Same amount owed every time a payment is due
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Flexible Premiums Adjustable premium and death benefit amounts when your needs change
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May Earn Dividends Potential income from company profits at recurring times throughout the year. Dividends are not guaranteed
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  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

established 1888

Longevity & Stability

96 comdex ranking

Financial Ratings


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.