Whole Life Insurance
Protect your family for life, and get benefits you can use along the way.
A lifetime of protection.
Whole life is one of the most common types of life insurance people buy, because of the guaranteed benefits it returns.
For individuals in their later years in life, looking for a more affordable option, final expense insurance might be a good fit. Final expense insurance, also known as burial or funeral insurance, is a form of whole-life policy that covers costs associated with one’s passing, such as medical bills and funeral expenses. Older individuals often opt for final expense insurance due to its low cost, smaller payout, and focus on covering the costs of funerals.
Benefits you can count on.
Traditional Whole Life
Cash value is one of the most commonly known benefits of whole life insurance. With whole life insurance, a portion of your premium goes into an investment account. The money that accumulates in this account is called cash value. You get to decide how quickly the cash value grows and how much you pay in premiums. It is untaxed until you take out a loan from the account, and you can take out a loan at any point in time.
Aside from the benefits of cash value, whole life guarantees benefits for your beneficiaries. As long as your premium stays current, your family will receive a granted death benefit upon the time of your death. They can use this benefit as they see fit for any expenses.
Final Expense Insurance
Earlier in life, typically, traditional life insurance policies are appropriate. Traditional term or whole life covers your expenses and debts if you pass away. But when expenses decrease, such as paying off a mortgage, you typically don’t need as much coverage.
Final expense plans are type of policy popular among seniors because of their affordability, relatively small benefit amounts, and their primary focus on covering funeral expenses. These policies are typically much cheaper than other types of life insurance and offer lower benefits than other types of policies. The primary purpose of final expense life insurance is to help cover the costs associated with a funeral and other end-of-life expenses, such as burial costs, medical bills, and outstanding debts. This policy can provide much-needed financial security for seniors and their families during difficult times.
These plans typically provide whole life insurance that does not expire as long as premiums are paid, cash value, fixed premiums, a simplified issue process (no medical exam is necessary, just health questions on the application), a straightforward application process, and fast approval times – with coverage often issued within days.
Types of Whole Life Insurance
Standard
The standard policy balances cash value accumulation and your guaranteed life insurance coverage. This standard policy is an excellent option for those looking for cash to assist them during their retirement when they are in a lower income tax bracket.
Custom
A custom policy allows you to adjust the plan to your needs and circumstances. You can adjust the cash value growth or may be able to shorten the time you pay premiums at the expense of higher premiums.
How much does it cost?
The cost varies from person to person and can only be determined by contacting an insurance agent who can guide you through the process. Your coverage needs, your age, and your medical history determine the factors that determine how much you pay.
Your insurance agent will evaluate these different factors and choose an insurance policy that meets your needs. You may select a monthly, quarterly, or biannual payment plan option.
After your policy is in place, your premiums and guaranteed death benefits will be set. At no point will they increase beyond the agreed-upon price.
Make sure your family is protected.
We have years of experience working with life insurance, allowing us to foster relationships with insurance companies. Good relationships and years of experience are why you can trust Prime Senior Benefits to help you find the best policy for your needs.
Medicare Advantage
Also referred to as Part C, private insurance companies contracted with Medicare offer these plans. They provide all of your Part A and B benefits.
Medicare Supplements
Also known as Medigap, Medicare Supplements help pay the leftover 20% that Parts A and B don’t cover. They essentially "cover the gap".
Prescription Drug Plans
Also known as Part D, this is an optional benefit that covers your prescription drugs. It is offered to everyone who has Medicare.