Whole Life Insurance

Like many important yet sensitive personal matters, life insurance is a topic people rarely want to discuss. Yet conversations around life insurance can help you figure out the best options for protecting your loved ones That's why understanding the basics of the different types of whole life insurance can help you decide which policy is right for you.

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What Is Whole Life Insurance?

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 and may pay dividends.

What Are the Potential Advantages 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. Your policy may include a guaranteed death benefit that will stay the same or increase as you pay into the policy.

Cash Value

Some whole life policies build cash value, money you can withdraw or borrow while you're alive. Loans, which will accrue interest, withdrawals and advances will also reduce the death benefit and cash surrender value and may cause the policy to lapse.

mother daughter working on whole life insurance quotes

What Does Whole Life Insurance Cover?

After you qualify for a policy, whole life insurance provides a death benefit when you die as long as scheduled payments are made. There may be some causes of death that are excluded and those details will be laid out in your policy. Your beneficiary can use the death benefit to cover any expense, including, but not limited to:

Final expenses: expenses to be paid after your death, including funeral, cemetery and burial costs
Mortgage payments: monthly bank payments to pay off the remaining loan on your home
Education expenses: tuition and educational costs for private schools/college for your children
Debt: payments for car loans, personal loans and credit card bills
Medical bills: health care expenses for hospitals, doctors, surgeries and procedures
Necessities: everyday living expenses like gas, groceries and utilities

What Are the Different Types of Whole Life Insurance?

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

Level Premium Whole Life

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. You'll likely make more premium payments over your lifetime than the other types of life insurance, but the amount you owe per year tends to be lower because you spread the cost over a longer period of time.

Limited Payment Whole Life

With limited payment whole life insurance, you only owe premiums for a set amount of time. When you reach the end of that time frame, you won't owe anything more, but will keep your coverage for the rest of your life. Since you're making fewer payments, you'll likely need to pay more each time to get the same amount of coverage as a level premium policy.

Single Premium Whole Life

With a single premium whole life insurance policy, you only make one lump sum payment for your coverage. After that, you have guaranteed insurance coverage for the rest of your life without having to make any other payments. There are two types of single premium life insurance policies available.

couple drinking coffee talking about whole life insurance

Compare Types of Whole Life Insurance

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.

Benefits	Simple Choice Whole	Superior Value®	Legacy Master®
Single Payment Premium Only one total payment made at the beginning of your coverage	NotChecked	NotChecked	Checked
Fixed Premiums Same amount owed every time your payment is due	Checked	Checked	Checked
Accelerated Death Benefit Rider Can access your life insurance benefit as a living benefit	Checked	Checked	Checked
May Earn Dividends Potential income from company profits at recurring times throughout the year	Checked	NotChecked	NotChecked
Guaranteed Insurability Rider Increase your existing coverage and not be excluded for a preexisting condition	Checked	Checked	NotChecked
	Simple Choice Whole Life	Superior Value Whole Life	Legacy Master Whole Life

Additional whole life insurance products offered by Lafayette Life Insurance Company, a member company of Western & Southern Financial Group: Heritage 2020, Contender 2020, Patriot 2020, Sentinel 2020, 10 Pay Life 2020, Liberty 2020 & Protector 2020.

Need Some Help?

Purchasing whole life insurance can seem expensive and finding the right product for you can seem complicated. We're here to help make that process a little easier.

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

How Much Does Whole Life Insurance Cost?

The cost depends on several factors. 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.

Your age will likely impact the cost. Chances are that the older you are when you apply for a policy, the more expensive it will be.
If you have any pre-existing medical issues or other health issues, that can increase the cost.
The size of the death benefit is another factor. For instance, a $500,000 policy will be more expensive than a $100,000 policy.
The number of premiums payments you plan on making can have an impact on the overall cost. If you make payments over your whole life, the annual premium will be less than for a single premium or limited premium payment because you are spreading the cost over a longer amount of time.

How Much Life Insurance Do You Need?

Life insurance can be an important element of your overall financial strategy. Answer a few questions about your life situation to estimate how much coverage you might need.

What Is the Difference Between Whole & Term Life Insurance?

The major difference between whole and term life insurance is how long they last. 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 but term life insurance does not.

Why Choose Western & Southern?

When you’re looking for whole life insurance protection, Western & Southern has a heritage 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

Is Whole Life Insurance Right for You?

Whole life insurance has a different cost structure than term life insurance. So, think carefully about what your life insurance needs are, and consider a policy that matches your needs. In addition, the option you choose should have an adequate death benefit to help meet your coverage needs. Consider which policy will best suit your lifestyle to find the best one for your long-term objectives.

Remember: whole life insurance is a purchase that can improve over time. The longer you maintain your policy, the more you'll benefit from locking in a low premium and building cash value.

Examples of How Whole Life Insurance Coverage Works

Steve is a 61-year-old mechanic who's approaching retirement. His kids have all completed college. He had a term life insurance policy when they were younger, but that policy just lapsed. Steve replaces his old plan with a $100,000 whole life policy. He decided it would be adequate to cover his final expenses, while leaving a small inheritance for his adult children.

Susan is a 31-year-old architect. She doesn't have any children but wants them in the future. After reviewing her options, she decides to purchase a $250,000 whole life policy. She likes the idea of accumulating cash value and knows permanent life insurance is a good way to help protect the future of her family. Since she's purchasing her policy while she's young, she'll be guaranteed a low price for the rest of her life.

Frequently Asked Questions

How Long Do Payments Last?

One key difference between whole life insurance and other insurance plans is the length of time you are given to make payments. At some point, your policy will be paid in full — this could be in 20 years, or it might be paid off once you turn 65. If you're interested in a policy that can be paid off quickly, your monthly payments have the potential to be larger. It's ultimately a matter of preference — and your stage in life. Just keep in mind that tax limits and contractual provisions can limit the amount of premium that can be paid.

What Happens if You Stop Paying Premiums?

If you stop paying your premiums, we will likely first see if you have cash value in the policy. We may use this balance to keep covering your premiums until the funds run out. At this point, we may give you a grace period to make up the missed payments and keep your coverage. After that, your coverage will end. Most term products, however, offer optional riders and options that could allow you to renew or covert your policy.

We may offer a reinstatement period, where you can reapply to restart your old policy. In exchange, you'll need to catch up on the missed payments and might need to pass medical underwriting again.

Do All Policies Have Cash Value?

Another difference between policies is that some whole life insurance options don't offer cash value, and only pay out a death benefit after you pass away. In exchange, these plans charge a lower monthly premium. This can make them a good option if you simply want insurance protection for your beneficiaries.

What Happens to Cash Value in a Whole Life Policy at Death?

If you die, we keep your cash value balance. In exchange, we pay your beneficiaries the death benefit, which will likely be more than what you had in cash value.

IMPORTANT DISCLOSURES

Single Premium Whole Life Policy 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 ICC16 1606-110, ICC16 1606-322 issued by The Western and Southern Life Insurance Company, Cincinnati, Ohio, which operates in DC and all states except AK, ME, MA, and NY.

Whole Life Insurance Policy series ICC14 LL-01 1404, ICC14 LL-03 1408, ICC18-LL-081809 & Single Premium Whole Life Insurance Policy ICC14 LL-02 1408, ICC14 LL-04 1408 issued by Lafayette Life Insurance Company which operates in DC and all states except 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.