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Insurance Education

Whole Life Insurance: Shop Around, Get it cheap, and Have it Forever

April 18, 2017

When (fingers crossed) you have a lot of your life left to live, it’s tough to think about the WHOLE thing at once. But if you’re ready to look at whole life insurance policies, we’re ready to help you find one that won’t break the bank.

There are lots of fun things to spend money on. Killer shoes. Family vacations. Good sushi. Everything from the “Interesting Finds” section of Amazon.

So when we’re shopping for the not-so-fun things, like toilet paper and life insurance, it’s easy to talk ourselves into the least expensive option. And that’s fine. You can pick up four rolls of whatever standard-sized bathroom tissue is on sale, and much like a term life insurance policy, it will absolutely do the job…for now.

But you have to be diligent, or you could find that your supply has run out when you need it the most. And when you go back to buy another 4-pack, it might not be on sale anymore, so you’ll pay a little more.

Then there’s the mega-roll 30-pack. The one that takes up your entire grocery cart. It’s a bigger initial cost. It takes up a lot of space. You might have to shop around a little more to find the best deal. But once you buy it, you’ll know that you and your family have a policy - er, paper product - that will last for a very long time.

And that, as explained via the most universally relatable metaphor we could think of, is whole life insurance.

So…let’s talk about how to afford lifetime coverage and still have a life.

Crunch the Numbers

Before you start shopping for life insurance, think about the other things you need to spend money on and where that money comes from.

  • How much of your family’s total income are you responsible for?
  • How many dependents do you have?
  • How much are your current expenses?

If the answer to any/all of these questions is roughly “a lot,” a bigger policy might feel necessary.

Keep in mind, though, that you can always start out with something smaller (say, enough to cover medical bills and final expenses) and increase the level of protection later as your budget allows.

Of course everything in the future is an estimation, but the key is to overestimate what your family might need then without underestimating what they need now. Follow your gut. If your gut isn’t very good at math, don’t worry…our friends at lifehappens.org made you a calculator.

Do Your Homework 

Once you’ve figured out what you need, life insurance-ly speaking, it’s time to look for the best place to buy it (unfortunately, probably NOT on that Amazon daily finds page).

You can start looking for an insurance provider the same way you probably start looking for just about everything else…by typing something into Google.

In addition to providing a long list of possible candidates, Google often tosses some easily accessible customer reviews your way. For more of those, you could check out the Better Business Bureau.

But if you really want to be thorough about it (and you should), you’ll need to know more about the financial strength of prospective insurers. Because after all, their financial security is your family’s financial security.

Here are some independent rating agencies you can use:

Read the Fine Print

We agree to ten pages of terms and conditions just to download apps that make our kids look like panting puppy dogs and let us pay for coffee with our phones, but actually READING any of that…not so much.

But when you’re buying something that needs to last longer than the rest of your life, you’ll want to do a little more than just scroll down and check the box.

Once you know what you need, find what you want, and confirm what you’re actually getting, pick up a pen and make it official. Then hug your family and throw yourself a great big PEACE OF MIND PARTY.

To get that party started, call 888-828-9760 or head over to ourlifecovered.com. We’ll help you look for a whole life policy you can afford now and count on later.

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