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Whole life insurance quotes

Help give a sense of financial stability to your family with a whole life insurance policy.

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What's whole life insurance?

Whole life insurance is a type of “permanent” life insurance designed to provide lifelong coverage. Benefits can include an income tax-free death benefit, paid upon your passing, and a cash value component that grows over time.

How do I compare whole life vs. term life?

In general, there's a few main differences between whole life insurance and term life insurance.

  • Premiums: Whole life offers fixed premiums for as long as you pay your premium. Term life on the other hand, has premiums that could go up over time.
  • Build cash value: Whole life typically offers the ability for you to build cash value you can potentially borrow against or use for other financial needs. Term life doesn't.
  • Timeframe for coverage: Whole life can cover you for your entire life and give you the potential to access funds during your lifetime making it a more comprehensive solution. Whereas term life offers coverage for a specific time frame and no borrowing options.

Who should consider whole life insurance?

Whole life insurance is typically a good fit for you if you're looking for lifelong coverage and want to build cash value over time.

Benefits whole life insurance can include

  • Financial assistance for loved ones
  • Help planning for estate taxes or legacy planning
  • Access to accumulated cash value for possible future needs like education expenses or supplemental retirement income

Whole life insurance is also designed to provide you fixed costs and help ensure you're covered for your entire lifetime.

What factors determine the cost of whole life insurance?

The cost of whole life insurance is determined by several factors like

  • Age of the insured: Younger policyholders generally pay less
  • Health conditions: Healthier people tend to have lower costs
  • Coverage amounts: Higher benefit amounts can result in higher prices
  • Cash value growth: Policies with faster cash value accumulation may cost more
  • Dividend option: Receiving dividends can affect costs

Is a medical exam required to purchase a whole life insurance policy?

Requirements vary by company and policy. At Liberty Mutual, we've partnered with TruStage™, to help make getting life insurance simple! It may be possible to purchase TruStage™ Advantage Whole Life Insurance, underwritten by MEMBERS Life Insurance Company, without a lengthy application process or medical exam.

Learn more about your life insurance options.

How does the cash value part of whole life insurance work?

The cash value part of whole life insurance typically works like a savings account. It grows over time, but the specifics can vary by company and policy.

In most cases, a part of your premium goes into this account and earns interest, gradually increasing the cash value. You may also be able to borrow against the cash value, withdraw some money, or end the policy for its cash value. You should review your policy details as policies may vary in how they handle cash value and its impact on the death benefit.

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Information presented on this page is intended to be general information about insurance and is not specific to Liberty Mutual policies. Policies and coverages vary by state and insurer. Contact your insurance company to understand specifics regarding your policy and coverages.
TruStage™ Simplified Issue Term Life Insurance is issued by CMFG Life Insurance Company. This is a term policy to age 80 that has premiums that increase when entering each five-year band: 25, 30, 35, 40, 45, 50, 55, 60, 65, 70, and 75. Base Form Numbers for coverage under 100k: ICC16- A10a-039, A10a-039-2016 & over 100k ICC17-SIT-2, 2017-SIT-2. TruStage™ Guaranteed Acceptance Whole Life Insurance is issued by CMFG Life Insurance Company. Death benefit is limited the first 2 years of the policy and is limited to a return of 100% of premiums, plus 10%. Base Form Numbers: ICC16-GAWL, 2016-GAWL. TruStage™ Advantage Whole Life Insurance is issued by MEMBERS Life Insurance Company. Base Form Numbers: ICC20-WLMLIC, 2020-WLMLIC. The insurance offered is not a deposit, and is not federally insured, sold, or guaranteed by any depository institution. Product and features may vary and not be available in all states. Corporate Headquarters: 5910 Mineral Point Road, Madison, WI 53705. © TruStage
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