Learn More About Whole Life Insurance

Looking for life insurance policies? We know it can be confusing with all the different types of policies available. We've answered some frequently asked questions about whole life insurance here.

Whichever policy type works best for you, the GEICO Insurance Agency and our partners can provide an affordable life insurance policy that is the perfect fit for your needs. Get a life insurance quote online or call us at (888) 532-5433 and let us help you get a policy that meets your needs.

What is whole life insurance?

Whole life insurance provides coverage for the life of the person that's insured on the policy. The amount paid is predetermined and will be paid when the insured dies. The premiums are set at the beginning of the policy and are consistent throughout. Part of the premiums may be invested and provide additional cash value. All premiums must be paid for the policy to stay in effect.

Who is covered by whole life insurance?

The recipient of amounts paid when an insured dies is called the beneficiary. Beneficiaries are named in the policy. In many cases, these are people that rely on the insured financially. A beneficiary can be natural person or a legal entity. Life insurance can also be used in estate and trust planning.

Why do you need whole life insurance?

Whole life insurance provides financial support for those that the insured leaves behind. Coverage can provide money to replace income that is lost due the insured's death. Amounts paid out under the policy could help pay debt, make purchases, or plan for future expenses.

What are the benefits of whole life insurance?

There are many benefits to a whole life insurance policy. Here are a few:

  • Provides cash value over the life of the policy
  • The cash portion can be accessed by the insured during their lifetime
  • The insured may be able to take a loan out against the policy
  • Made to last for the insured's lifetime
  • Costs remain constant as long as the policy is paid

How much whole life insurance should you purchase?

As the insured, you can select a payout that meets your needs. The amount usually takes into account providing for someone after you are gone. If small children will be the beneficiaries, you may want an amount that would cover financial support for the number of years until they turn 18 or graduate from college.

Some other items to consider are:

  • College expenses for children
  • Mortgage on a house
  • Outstanding debt (student loans, car notes, etc.)
  • Funeral expenses
  • Estate and trust planning

The GEICO Insurance Agency and our partners can help you get a policy that meets your needs. Get a life insurance quote online or call us at (888) 532-5433.

How much does whole life insurance cost?

The cost of a whole life policy is based on the amount of the death benefit and insured's:

  • Age
  • Health
  • Life expectancy
  • Other lifestyles hobbies, employment, etc.

Please note:

The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.

If you choose to get a rate quote online, you will be taken to the website of Life Quotes, Inc or Ladder Insurance Services, LLC. These websites are not owned by GEICO Insurance Agency LLC. Any information that you provide directly to them on their websites is subject to the privacy policy posted on that website, which you should read before proceeding. GEICO Insurance Agency LLC. assumes no responsibility for their privacy practices or your use of either website.

Life coverages are written through non-affiliated insurance companies and are secured through the GEICO Insurance Agency, LLC.