Whole Life Insurance
Lifetime coverage with guaranteed cash value.
Quick answer
Whole life insurance is permanent coverage that lasts your entire life, with fixed premiums, a guaranteed death benefit and cash value that grows at a guaranteed rate. Policies from mutual carriers may also pay dividends. It costs more than term, but never expires and builds savings you can borrow against.
- Coverage length
- Lifetime
- Premiums
- Fixed
- Cash value
- Guaranteed growth
- Death benefit
- Guaranteed
Who is whole life insurance best for?
- Lifelong protection for a spouse or dependent
- Estate planning and final expenses
- Conservative, guaranteed cash value growth
- Business owners funding buy-sell agreements
Pros and cons
Pros
- Coverage never expires
- Premiums are locked in
- Guaranteed cash value growth
- Possible dividends from mutual carriers
- Tax-deferred growth and tax-free death benefit
Cons
- Typically 5–15x the premium of term for the same death benefit
- Cash value grows slowly in early years
- Surrendering early can mean losses
How much does whole life insurance cost?
Premiums depend on age, health, gender, tobacco use and coverage amount. Because the policy never expires and builds cash value, whole life generally costs several times more than a term policy with the same death benefit.
Why buy through Varis Life?
Varis Life is an independent agency with access to every major carrier and licensed agents in all 50 states. We compare whole life insurance options side by side so you get the best fit for your health, budget and goals.
Frequently asked questions
Is whole life insurance worth it?
Whole life is worth it when you need coverage that lasts your whole life or want guaranteed, tax-advantaged savings. If you only need protection during working years, term life is usually more cost effective.
Can I borrow from my whole life policy?
Yes. Once cash value builds, you can take a policy loan. Unpaid loans and interest reduce the death benefit.
What is the difference between whole life and universal life?
Whole life has fixed premiums and guaranteed growth. Universal life offers flexible premiums and a crediting rate that can change.
Compare every carrier in one call
A licensed Varis Life agent will shop the market for you, in any of the 50 states, at no cost.
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