Whole Life Insurance

Request A Quote

From the Ask the Planman Podcast...

EP 12: How Much is Your Life Worth featuring Robin Czarnek
Are you aware of the MANY reasons why people need life insurance? Are you going to outlive your insurance or is your insurance going to outlive you? Do you know the difference between term and permanent insurance? 

EP 10: How Health & Wellness Can Impact Your Insurance Rates w/ Arman Eckelbarger
How does your health impact your insurance costs? We are speaking with health and wellness expert Arman Eckelbarger about how you can take better care of your health and wellness and positively influence the costs you pay for your insurances.

Make Sure You Life Insurance Doesn’t Go to Your Estate

Generally, you designate a beneficiary for your life insurance when you purchase the policy. If you were undecided at that time, then you – or rather your estate – will be the beneficiary. Be sure to update your policy and decide on the best beneficiary or you’ll undermine a lot of the benefits that life insurance payout can give your eventual beneficiary.

Read More »

What to Know When Switching Life Insurance Policies

Beginning retirement is a big change. Not only is your income changing and your kids finally get on their own, but you begin arranging things for your retirement and perhaps final issues. Our life insurance needs change as our circumstances do. If you’re going to maintain life insurance on yourself but want to alter it, here are some considerations on switching policies for a better deal.

Read More »

When is Permanent Insurance Really Necessary?

For millions of Americans, the choice between term and permanent insurance can be a confusing one. A number of variables factor in to whether one is more appropriate than the other for most consumers, such as debt level, health and longevity, and the size of one’s estate. There are a number of arguments on both sides stating why one is better than the other, but in virtually all cases, there are a couple of situations where permanent insurance is usually the best choice.

Read More »

Don’t Need Your Annuity? Use It to Buy Life Insurance for Your Beneficiary

When you purchase a deferred annuity all taxes on its earnings are tax-deferred. If you don’t need your deferred annuity, you can leave it for your beneficiary upon your death. Unless the beneficiary is your spouse, he’ll have the option of cashing it some time within a 5 year period, or taking if over his remaining life expectancy. But he’ll have to pay tax on the earnings at his income tax rate.

Read More »

Embrace a lifetime of reassurance with whole life insurance


Whole life insurance offers lifelong coverage, unlike term life insurance which has a specific time limit. By paying regular premiums, you can ensure continuous coverage throughout your life. A portion of your premium goes towards insurance costs, while the remainder is invested by the insurance company. Over time, the cash value of your policy grows, providing you with an opportunity to borrow against it or withdraw funds.

One of the notable benefits of whole life insurance is the stability of fixed premiums. You won’t have to worry about increasing premiums as you age, providing peace of mind and predictable financial planning.

Determining whether whole life insurance is right for you depends on your individual circumstances. If you require coverage for your entire life, and have dependents who rely on your income long-term, whole life insurance can be a suitable option. Additionally, the cash value component offers an investment opportunity.

However, it’s essential to consider the cost factor. Whole life insurance policies tend to be more expensive than term life insurance. Before committing to a whole life insurance policy, please review the information below. And, remember, we are here to help ensure this type of insurance aligns with your budget and needs. 

When you buy a whole life insurance policy, you pay premiums into the policy over the life of the policy. A portion of these premiums is invested by the insurance company to build up the cash value of the policy. The cash value grows over time, and you can borrow against it or use it to pay your premiums in the future.

One of the main benefits of whole life insurance is that it provides lifelong coverage. Another benefit is that the cash value of the policy grows over time, providing a source of savings or investment. Additionally, whole life insurance policies typically have a fixed premium, which means you won’t have to worry about your rates going up as you age.

The main difference between whole life and term life insurance is that term life insurance provides coverage for a specific term, usually between 10 and 30 years, while whole life insurance provides coverage for the entire lifetime of the insured person. Additionally, term life insurance policies typically have lower premiums than whole life insurance policies.

The amount of coverage you need with a whole life insurance policy depends on a number of factors, including your income, your debts, and the needs of your beneficiaries. A good rule of thumb is to choose a death benefit that is equal to 10 to 12 times your annual income.

The cash value in a whole life insurance policy accumulates over time based on a guaranteed minimum interest rate set by the insurance company, along with potential dividends or earnings on investments made by the company.

Yes, whole life insurance premiums are typically fixed for the life of the policy. The premium amount is determined at the time of purchase and remains the same regardless of age or health changes.

Yes, you can customize the death benefit amount when purchasing a whole life insurance policy. The death benefit can be chosen based on your financial needs and goals.

The death benefit paid to beneficiaries is generally income-tax-free. However, if the policy has outstanding loans or if the cash value is surrendered, there may be tax implications. It’s best to consult with a tax advisor for specific situations.

The cost of a whole life insurance policy varies depending on a number of factors, including your age, health, and the amount of coverage you need. Generally speaking, whole life insurance policies have higher premiums than term life insurance policies because they provide coverage for the entire lifetime of the insured person.

Yes, you can borrow against the cash value of your whole life insurance policy. This is known as a policy loan, and the interest rates are typically lower than those of other types of loans. However, it’s important to remember that any unpaid loans will reduce the death benefit paid out to your beneficiaries.

Yes, you can surrender your whole life insurance policy and receive the cash value. However, if you surrender the policy before it has built up a significant amount of cash value, you may receive less than you paid in premiums.

Many term life insurance policies offer a conversion option, allowing you to convert to a whole life insurance policy without undergoing a medical exam. This can be beneficial if you want to extend coverage beyond the term period.

Dividends in whole life insurance are not guaranteed. They are typically paid by mutual insurance companies to policyholders based on the company’s financial performance and can be used to increase the policy’s cash value, purchase additional coverage, or be received as cash.

Yes, whole life insurance can be a useful tool for estate planning. It can provide liquidity to pay estate taxes, create an inheritance for heirs, or facilitate wealth transfer to future generations.

Yes, many insurance companies offer riders that can be added to whole life insurance policies for additional coverage. Some common added riders are accidental death benefit, disability income, critical illness, long-term care, and term insurance riders. 

Whole life insurance can be a good investment for some people, especially those who are looking for a way to build up savings or invest in a tax-advantaged way. However, it’s important to remember that whole life insurance policies typically have higher premiums than other types of insurance policies, and the returns on the cash value portion of the policy may not be as high as other types of investments.

Some whole life insurance policies offer the option to pay higher premiums initially and then reduce or eliminate premium payments after a certain period, while still maintaining the coverage and cash value growth.

Yes, you can purchase multiple whole life insurance policies from different insurance companies or the same company. Each policy will have its own premium, death benefit, and cash value.

Yes, you can purchase whole life insurance for your child. It can provide lifelong coverage, help build cash value over time, and potentially lock in lower premiums at a young age.

Some whole life insurance policies offer a provision called “paid-up additions” that allow you to use the cash value to cover premium payments. This can be done if the cash value is sufficient and if the policy has accumulated enough value over time.

Yes, whole life insurance is available for seniors, but the premiums are generally higher compared to younger individuals due to age-related health risks. The maximum age at which you can purchase whole life insurance varies among insurance companies.

Yes, you can typically change the beneficiaries in your whole life insurance policy at any time. This can be done by submitting a beneficiary change form to the insurance company.

If you stop paying premiums on your whole life insurance policy, the policy may lapse, and the coverage will end. However, some policies have a grace period during which you can still make premium payments to keep the policy in force.

Yes, whole life insurance can be used for charitable giving. You can name a charitable organization as the beneficiary, and the death benefit will be paid to the charity upon your passing.

Some insurance companies offer simplified issue whole life insurance, which allows you to obtain coverage without undergoing a medical exam. However, these policies may have certain limitations and higher premiums compared to policies that require a medical exam.

The availability of whole life insurance and the premiums you may be charged can vary depending on your pre-existing health conditions. Some conditions may result in higher premiums or a declined application. Working with an insurance agent can help you find the best options.

Smiling Asian little son child is putting coins into piggy bank - Whole Life Insurance | Weinstein Wealth

PROTECTION & INVESTMENT IN ONE POLICY

One of the benefits of whole life insurance is that it provides a guaranteed death benefit, which means that the policy will pay out a specific amount to the beneficiary upon the policyholder's death, as long as the premiums are paid. This is in contrast to term life insurance, which only pays out if the policyholder dies within the term of the policy. Another benefit of whole life insurance is that it has a cash value component, which means that a portion of the premiums paid are invested and accumulate over time. This cash value can be used for a variety of purposes, such as paying premiums, borrowing against the policy, or even cashing out the policy. Universal life insurance also has a cash value component, but it is typically less stable and can be affected by market fluctuations. Whole life insurance is particularly beneficial for people who want to provide for their loved ones after they pass away, as it provides a guaranteed death benefit and a cash value component that can be used for a variety of purposes. It is also a good option for people who want to ensure that their final expenses, such as funeral costs, are covered.

PROS OF WHOLE LIFE INSURANCE
  • Guaranteed death benefit: Whole life insurance provides a guaranteed death benefit to your beneficiaries, which can give you peace of mind that your loved ones will be taken care of financially.

  • Tax-deferred cash value: Whole life insurance policies have a cash value component that grows tax-deferred over time, which can be borrowed against or withdrawn for various purposes.

  • Fixed premiums: Premiums for whole life insurance policies are typically fixed for the life of the policy, which can help with budgeting and planning.

  • Estate planning benefits: Whole life insurance can be a useful tool for estate planning purposes, as it can provide liquidity to pay estate taxes and other expenses. 
CONS OF WHOLE LIFE INSURANCE
  • Higher premiums: Whole life insurance premiums are higher than term life insurance, which can make coverage more difficult to afford.

  • Limited investment growth: The cash value component of whole life insurance policies grows at a slower rate than other investments, such as stocks and mutual funds.

  • Fees and commissions: Fees and commissions for whole life insurance can reduce the amount of cash value that accumulates over time.

    Complexity: Whole life insurance policies can be complex and difficult to understand, making it challenging to compare and make informed decisions.

  • Opportunity cost: Choosing whole life insurance may mean missing out on potentially higher returns from other investments, resulting in an opportunity cost.

Unlock the Infinite Possibilities: Discover the Secrets of Whole Life Insurance with Weinstein Wealth Insurance Solutions!



Take the next step towards securing your family’s future by scheduling a consultation with Weinstein Wealth Insurance Solutions today. Our experienced team is ready to answer any additional questions you may have about Whole Life Insurance and help you find the perfect life insurance plan tailored to your unique situation.

Don’t let uncertainty linger when it comes to protecting your loved ones and their financial well-being. Our dedicated experts will guide you through the intricacies of Whole Life Insurance, ensuring you understand the benefits, coverage options, and long-term advantages it offers.

By scheduling a consultation with Weinstein Wealth Insurance Solutions, you’ll gain invaluable insights, personalized advice, and the peace of mind that comes from making an informed decision. We will work closely with you to determine the optimal coverage amount, riders, and other policy features that align with your goals and priorities.

Your family’s financial security is too important to leave to chance. Act now and schedule a consultation with Weinstein Wealth Insurance Solutions to take control of your future. Together, we will create a Whole Life Insurance plan that safeguards your loved ones and provides lasting peace of mind.