Whole Life insurance is a permanent form of life insurance that allows the insured to obtain coverage for the entire duration of his or her lifetime, as long as premiums are paid. Although a bit more costly than Term life insurance, this particular coverage has some great advantages that the average Term policy does not have. And albeit more pricier than Term life, it is only this way up front.
As a long term approach to insurance protection, Whole life insurance is actually cheaper, as premiums never increase, unlike Term insurance, which can have huge premium increases when it's time to renew your policy, or if you purchase a new term after a term has ended. Generally, it's best to purchase whole life coverage as early in life as possible, because premiums amounts are based on factors such as age and health. So the younger and healthier you are, the less you will have to pay. As an independent Louisiana Whole Life Insurance Company we offer various options that a traditional Whole Life Insurance Company in Louisiana may not offer.
Whole Life Insurance is permanent, lifetime coverage. As long as you pay your premiums, your policy will remain in force. This can be great for a long term protection strategy since the rates will never increase, and you won't have to qualify for coverage later on in life.
A portion of the premiums you pay into the policy go into a separate account where it grows tax deferred at a fixed interest rate. This is referred to as Cash Value Accumulation. Once you have enough cash built up you have the option to borrow it and use it to cover a need. This is a huge benefit in Whole Life Insurance
With "Living Benefits", you can experience the power of your Whole Life insurance policy while you are still living. If you develop a qualifying Chronic, Critical, or Terminal illness that meets certain criteria, you can receive up to 95% of your death benefit to cover expenses such as medical bills.
Timothy is a 25 year old college graduate who has now entered the workforce in his career as an electrician. He is currently single and plans to one day get married and have children. Timothy's parents make decent money but Timothy doesn't want to have to burden them or his future wife and children with the costs of burying him should he pass away untimely. He has been told that he doesn't need to worry about life insurance because he is so young, but he understands that now is exactly the time to begin shopping for life insurance since he is indeed young and still healthy, a position that allows him have preferred rates on any policy he chooses. He is ready to make a decision, but is unsure where to really start.
Problem: Timothy's peers and relatives are trying to convince him that he is too young to be worried about life insurance. However, Timothy understands the importance of life insurance and its advantages. He knows he needs it, but is unsure of which plans to choose from. He is now in his career and would like to get insured as soon as possible to lock in low rates, but is unsure of the plans that would compliment his short and long term life goals the best.
Suggested Solution: Because Timothy is young and healthy he is in an excellent position to purchase life insurance. He should consider a 30 or 40 term life policy as a short term solution, but lock in the low rates of a whole life policy now while he is young and healthy, since whole life premiums increase by age and health status. By purchasing his whole life policy now, it will have enough time build sufficient cash value for Timothy to borrow against if he needs to later on in life.
The average cost of a 30 year, $250,000 term life policy for a $25 year old is between $17-$24, which is very affordable for his short term coverage goals. As for his long term coverage needs, he can purchase a $50,000 whole life permanent policy for an average cost of between $33-$40. This way Timothy never has to worry about life insurance again. And he can always add or subtract coverage to adjust to his needs.
• The top three reasons Americans give for owning life insurance is:
• Cover burial and final expenses (91 percent)
• Help replace lost wages/income of a wage earner (66 percent)
• Transfer wealth or leave an inheritance (63 percent)
2018 - LIMRA, Facts of Life
Chris and Jenna are a young middle class married couple in their late twenties. Chris is the breadwinner in the relationship and Jenna is a stay at home mom for their two year old baby girl. Jenna is concerned about their family's future should something happen to Chris, being that he is responsible for their sole income. Jenna believes that the couple needs life insurance as a safeguard against economic hardship in an event of an untimely death. She also wants to make sure Chris has enough money to properly bury her or their child if either her or their daughter were to suffer an untimely death. Both Chris and Jenna also discuss the possibility of Jenna losing their home if Chris passes away early. Whatever they decide, they must do it now.
Problem: Chris and Jenna support their family through one income. No member of their family currently has life insurance in place and the longer they wait the more expensive it becomes. They also take the chance of facing difficulty of obtaining low life insurance should one them become seriously ill. It Chris suffers an untimely death, he runs the risk of putting a very serious economic burden on Jenna, who relies on his income for her and their baby's needs, including having a permanent home.
Suggested Solution: We suggest a good mix of permanent and temporary life insurance. 30 year terms for both Chris and Jenna which for a 30 year, $250,000 term life policy, costs on average between $20-$24 for a healthy 28 year old. They also need to lock down a whole life insurance policy while they are you and healthy so we suggest at least a $25,000 policy, which is permanent life insurance and will never increases in premium for the duration of their lives. The average $25,000 whole life policy for a healthy 28 year old is between $23-$27.
Next, for home protection, the couple can purchase mortgage protection. A 30 year return of premium term policy assures they never lose their home in the event of an untimely death by the wage earner. The average mortgage protection 30 year return of premium term policy for a 30 year, $200,000 mortgage is between $26-$31. They can always adjust coverage as needed to compliment their income, lifestyle changes, and paying ability.
Lastly, as for their two year old child, we suggest at least a $25,000 whole life policy which will maintain the same premium amount from the child's current age of two, until death. The average cost of a $25,000 whole life policy for a two year old, is between $5-$10.
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Carrier products and requirements vary. Therefore, Whole Life Insurance policies and/or associated riders and features may not be available in all states, and policy terms and conditions may vary by state as well.
These Whole Life Insurance quotes are general descriptions of coverage. A complete statement of coverage can only be found in your policy.
Empyral Insurance Group agents do not provide investment, legal, or tax advice under any circumstances. For that specific advice we recommend you speak with your investment, legal, or tax attorney or advisor.
These policies have exclusions and limitations. For costs and complete details of coverage, please contact an Empyral Insurance Group agent/insurance producer.
The purpose of this communication is the solicitation of insurance. You may be contacted by an agent/insurance producer from Empyral Insurance Group. The premium class may vary based on underwriting review and may be different or the policies may not be available. A medical exam may be required.
Empyral Insurance Group, LLC (Currently licensed in Louisiana, Mississippi, and Texas only)
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