Life Insurance Types | Buying Life Insurance | Understanding Life Insurance | Glossary
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Types of Whole Life Policies

Whole life insurance plans come in all shapes and sizes. Some are suited for individuals who want to take advantage of the life-long benefits while minimizing the investment components of the product, while others prefer a plan that takes dividends and re-invests them to bring down the monthly payment. No matter which camp you're in, can help you find the right whole life insurance policy for your lifestyle.

Whole Life Policies Explained

Different companies often call the same whole life policy configuration by a different name as a sort of marketing gimmick, so if you've heard of one thing and you can't seem to find it anywhere else, this is likely to be the reason. We've put together a list of classic whole life plans below with brief descriptions of each plan's objective - simply select the whole life plan you think you're looking for to read more about that type of policy's specifics.

  • Whole Life Policies for Children A recent trend in establishing a savings for your child is buying them a whole life policy.
  • Graded Whole Life Policies A type of whole life policy usually reserved for individuals with severe medical conditions.
  • Guaranteed Issue Whole Life Generally for older applicants or people who might otherwise have a hard time qualifying for a whole life policy.
  • Instant Whole Life Policies A new product the touts the speed at which the policy can be issued.
  • Limited Whole Life Policies A slightly different version of a standard whole life policy, where payments are not required after the age of 65.
  • Modified Whole Life Insurance A type of plan where the premiums change over time, usually with lower payments that later increase in size as the insured individual gets older.
  • Mutual Whole Life Policy An "older" form of whole life insurance, usually describing the type of company that administers the policies.
  • Permanent Whole Life Describes the permanent nature of the whole life insurance product.
  • Interest-Sensitive Whole Life This plan exploits the current market interest rate to increase cash value and death benefits faster without raising your monthly premium.
  • Single Premium Whole Life Policy For individuals who want to avoid making monthly payments and can afford paying one lump sum.

If you're ready to view whole life insurance rates for any of the above-mentioned plans or you want to weigh your options, use the form at the top of this page to compare policy types for free.