Whole life insurance for adults provides lifelong coverage with a guaranteed death benefit and a cash value component that grows over time. Unlike term life insurance, getting whole life insurance is not that easy. It involves a careful decision-making process. The insurer and the client must agree on certain essential factors before issuing the policy. Only 54% of adults are covered by this type of policy, while the rest want to buy it. One in five people who own life insurance regret buying it sooner. 40% of those who already have life insurance say they should have bought it sooner.
Gerber Life Guaranteed Life Insurance
If you are an adult planning to purchase a life insurance policy, consider the Gerber Life Guaranteed Plan. This insurance plan is designed for adults aged 50 and above and will pay medical and funeral expenses for your beneficiaries if you die. Acceptance of this type of life insurance is guaranteed and requires no medical examination or underwriting. You apply for coverage online or over the phone. The only requirement is that you are an adult and a US citizen.
The company has an excellent financial stability rating from the Better Business Bureau (BBB) and is below the average of the NAIC index, which measures the performance of life insurance companies. It received an A rating, which means it is in a good position to meet its obligations. Other ratings from consumer protection organizations such as the Better Business Bureau are no less important.
Gerber Life Insurance’s website is easy to use and contains a wealth of information on its products. The company has an ad from 1988 aimed at parents of young children. It’s not flashy or has a jingle to it, but it does provide helpful information. If you have children or young adults in your life, this insurance may be the right choice for them.
It’s an affordable option for those seeking easy, straightforward life insurance coverage, and is considered among the best whole life insurance for adults.
Northwestern Mutual Whole Life Plus
Northwestern Mutual offers a variety of whole life insurance products. Its whole life insurance products not only provide benefits to your beneficiaries when you die but also build cash values that can be used for unexpected expenses. You can use these funds to grow your business, upgrade your home or enjoy additional income during retirement. Northwestern Mutual offers several types of whole life insurance, including whole life for adults. To learn more about Northwestern Mutual, read our review below.
A whole life policy pays a death benefit and can also earn dividends and cash values. Whole life insurance policies pay a cash value and may include flexible payment options. Northwestern Mutual Whole Life Plus for Adults is a universal life policy available in all 50 states. The advantage of whole life insurance is that it does not require medical examinations. And while you’re still alive, you can take advantage of the cash value by using it to buy a down payment on a home, supplement your retirement income, or help an aging family member.
This permanent life insurance policy is not subject to withdrawal or surrender value risk. Unlike term insurance, its death benefit never expires and its cash value increases over time. While many financial advisors recommend a combination of term and whole life insurance for maximum protection, Northwestern Mutual Whole Life Plus for Adults includes additional benefits. Some policies also offer disability insurance to continue earning if you become disabled.
According to White Coat Investor, whole life insurance like this can be a good fit for those with specific financial planning needs, including whole life insurance for disabled adults.
Northwestern Mutual CompLife
The company’s website does not include a quick online quote option, which may turn off potential policyholders. Its advertisements emphasize the importance of enjoying life today and living in the present. While the website doesn’t offer free quotes, it does include a helpful life insurance calculator. Its claims and services are well explained and its company mission and values are clear.
Another major benefit of a CompLife policy is the accumulation of cash value, which can be adjusted on the fly as the death benefit increases. A $150,000 CompLife policy with a $30k cash value would equal a death benefit of $120,000 and $80k in death protection. A policy with a $30,000 cash value has the same face value as the others, meaning the death benefit would be the same if the policyholder died with a $1m death benefit.
The company has a high customer satisfaction rating, averaging 9.5 out of 10 on a scale of one to ten. The company has received the least number of customer complaints. Which is impressive considering its size and scope. Additionally, Northwestern Mutual rewards all of its policyholders with dividends, with annual payouts expected to reach $6.5 billion by 2022.
Another major advantage of the CompLife policy is that it has an additional purchase benefit. The cash value is tax-free until the policyholder withdraws it. That means if you die, your beneficiaries will receive the cash value in the form of a mortgage. That’s a great benefit! If you have children, you may want to consider purchasing an additional purchase benefit rider.
Using a whole life insurance calculator can help individuals determine the best coverage options for their unique situations.
Globe Life
Globe Life offers a variety of life insurance policies for both adults and children. Its rates depend on the type of policy you choose and the amount of coverage. Some policies can cost as little as $5 per month while others can cost as much as $14. You can choose between a term life insurance policy and a whole life insurance policy. Term life insurance policies are available in several amounts and payouts, including $5,000, $10,000, and twenty thousand dollars. They typically last twenty or thirty years and allow you to build cash value over time. Moreover, the premium remains the same for the entire life of the policy.
If you’re considering a policy through Globe Life, keep in mind that the company’s website may not be the easiest to navigate. The company doesn’t provide much information about policies, so it may take several phone calls before you find out what your options are. The company’s website doesn’t provide any information on how to use its email tool, and its customer service representatives often don’t understand the questions you’re trying to ask. However, if you want to receive a quote, you can visit their website. The quick quote form will allow you to choose between a term life policy for adults and a whole life insurance policy for children.
Other final expense insurance policies regularly perform better than Globe Life whole life insurance for adults. But some important factors make this policy the best choice. First, it does not require a medical examination. Second, it is permanent and has no waiting time. This feature is important because funeral expenses can be very expensive. Inflation increases the death benefit by five percent each year. A policy with a longer benefit period is also a good option.
Globe Life’s Guaranteed Acceptance
While the company does not require a medical exam to offer guaranteed acceptance for adult whole life insurance, you still need to fill out an application. This questionnaire will ask questions about your health and any conditions you have. If you have health issues, finding affordable coverage can be difficult. Some companies classify applicants as high-risk. Fortunately, Globe Life does not require a medical exam to provide coverage.
Those who are older, single, or otherwise healthy may want to consider this type of policy. Since it does not require a medical exam, this type of insurance policy can lock in premium rates and avoid health issues. Some policies pay as much as $15,000 in death benefits and do not require a health exam. If you want to take advantage of guaranteed acceptance, you should shop around. For the best deal, compare the coverage limits and eligibility requirements for the policies you are interested in.
