A Guide to Whole Life Insurance

A Guide to Whole Life InsuranceWhen it comes to your life insurance, whole life insurance is a great option for securing your family in your absence. But before buying a policy, we would like to help you educate yourself on the important details of the policy and its coverage.

Whole life insurance is the most straightforward type of permanent life insurance. Everything is guaranteed. Your premium stays the same as long as you live, your death benefit is guaranteed, and your cash value account grows at a guaranteed rate. As a result of these guarantees, this policy is typically more expensive than other types of permanent life insurance, but that doesn’t make it unaffordable. Speak with your insurance agent to learn about the different options of whole life insurance in Connecticut so you can find a policy that is both affordable and offers enough coverage.

The Basics

You may be wondering if this particular policy is for you. Whole life insurance is a good policy to have if you need coverage that lasts for your entire life, want the payments to stay the same, or want a guaranteed return on the cash value that builds up within the policy.

Consult a life insurance agent to understand which coverages would be beneficial for you to purchase. Depending on each individual’s unique financial situation, one may need more or less coverage. There is no one-size-fits-all with life insurance.

You will have to decide on what is most important to you. Evaluate what will satisfy you and your family’s specific needs, such as choosing a policy that only covers final expenses like a funeral without supplying funds for anything else. Maintaining a hefty savings without plans of dipping into it will most likely require minimal coverage.

However, limited coverage polices are not always an option. If you have a child with special needs and want to set up a trust for your children or family, you will probably need to expand your coverage.

Some people choose whole life insurance because they simply long to leave a legacy, either to family members or to a charity.

The Approval Process

There are many processes that mandate different types of applications. There are two different types of uses of these policies, simplified issues and guaranteed issues. Simplified issues states that you must answer a few general health questions but are not forced to take a medical exam, whereas guaranteed issue does not require anything.

Both options are worth considering if you have been turned down for standard life insurance due to any health complications, although you must take note of the downsides. The death benefits offered are quite small, while the costs per $1,000 of coverage are higher than for policies which require a medical exam. It is important to know that these types of policies will not pay the full death benefit if you die within the first few years of coverage.

The last type of a whole life insurance application processes is a completely underwritten policy, requiring a full medical exam. You might feel nervous about the exam or the application, but just be honest about your life and your health history; these measures are in place to figure out what you need in your policy.

About Byrnes Agency

At Byrnes Agency, we offer insurance solutions that can be tailored to meet your specific needs. To learn more about our products, contact us today at one of our two locations.

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Dayville Office

Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
Hours of Operation: Monday- Friday 9:00am-5:00pm


Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
Hours of Operation: Monday- Friday 9:00am-5:00pm