Whole Life Insurance: Lifetime Coverage with a Locked-in Price

Even though whole life insurance costs more than term life, it offers great benefits such as lifetime coverage, a premium that never increases, tax-free death benefit1 and cash value you can borrow against.2

Reach out to your rep. They’ll help you understand your options and select what works best for you.

Why choose whole life insurance?

In addition to providing for your family after you die, a whole life policy builds cash value you can access as a loan or withdrawal at any time (based on the amount available).2 When you buy a whole life insurance policy, part of the premium is set aside to grow into cash value, similar to building equity in your home.

Whether you tap into the accumulated cash value during your lifetime or your family relies on the death benefit to cover expenses, this versatile policy is often used for:

  • mortgage or rent
  • education
  • medical bills
  • funeral costs
  • lost income
  • financial emergencies

The accumulated cash value is yours to use for things like those listed above or for other needs like supplemental retirement income.2 Although whole life insurance is not an investment or a retirement plan, the cash value from your policy can be used to diversify your portfolio and provide extra security for you and your family. 

How it works

You choose how much money you want to leave your loved ones, which is known as the death benefit.

Premiums are based on your age and health when you buy the policy and are generally lower when you’re younger. As long as you make all the payments and don’t cancel the policy, it’s yours for the rest of your life. The ability to lock in rates at a young age is a really big deal – and it can save you money in the future. You can decide which payment option works best for you.

  • 10-pay life – payments end after 10 years
  • 20-pay life – payments end after 20 years
  • Life paid-up at 65 – payments end at age 65
  • Executive whole life – payments end at age 95
  • Single premium whole life – one lump sum premium payment

Another feature is the whole life insurance dividend. This is an annual payment that may be given to policyholders based upon the company’s performance during the previous year. Dividends are not guaranteed, but if you receive one, it can be used to: 

  • Reduce future premium payments
  • Purchase additional death benefit
  • Reduce loan balance or interest, if applicable 

Milestone moments

Life evolves and so does your need for financial protection. If you can relate to any of the items below, it would be a good idea to consider whole life insurance:

  • If you’re in the early years of a career with big earning potential; buying whole life when you’re young costs less and locks in the lower rate.
  • If you want to leave a financial legacy, a whole life policy can provide for family members and/or your favorite charitable organization.
  • If you own a business and want to provide liquid assets for your family or your company.
  • If the idea of cash value and potential dividends appeals to you (however, this shouldn’t be the primary reason for choosing whole life).

Want to compare life insurance policy types? See them side-by-side.  

Answer a few questions to get a better idea of your needs before you talk to a rep.

Get started

How many school-aged kids do you have?

How much income would your family need replaced each year to maintain their quality of life? (Enter a dollar amount)

How many years would your family need this income?

0
0
20

Do you have a mortgage?

How much do you owe on your mortgage?

Not including your mortgage, how much debt would your family need to pay off?

$5,000
$0
$500,000

What percentage of your children's education would you like to cover?

0%
0%
100%

Approximately, how much do you have in readily available assets?

$5,000
$0
$1,000,000

How much life insurance do you currently have?

$0
$0
$2,000,000

Your Result

You're in good shape!

Based on your answers, it sounds like you've already taken important steps to make sure you're covered.

As your life changes, your insurance needs might change, too. Schedule a complimentary review below to make sure you're properly protected.

This information is for illustrative purposes only and is not intended to be a recommendation for any specific product or amount of coverage. It does not take into consideration all factors that may affect your specific need, including social security benefits and the time value of money.

Here's how much life insurance you may need:

Based on your answers, you're well on your way to making sure you're covered.

As your life changes, your insurance needs might change, too. Request a complimentary review below to make sure you're properly protected.

This information is for illustrative purposes only and is not intended to be a recommendation for any specific product or amount of coverage. It does not take into consideration all factors that may affect your specific need, including social security benefits and the time value of money.

Here's how much life insurance you may need:

Based on your answers, it sounds like you may benefit from a complimentary review to make sure you're properly protected

Fill out the form below to request an appointment.

This information is for illustrative purposes only and is not intended to be a recommendation for any specific product or amount of coverage. It does not take into consideration all factors that may affect your specific need, including social security benefits and the time value of money.

Request a review

How we incorporated education costs into our calculation: Calculations are based on national cost estimates for attending a 4-year public in-state university. As of 2019, LendEDU estimates a 4-year public in-state university costing roughly $100,000.

How we incorporated funeral costs into our calculation: Using national median funeral cost averages as a guide, we applied a $7,500 funeral cost to this calculation.

How much coverage do I need?

The amount of life insurance you need depends on several things, like the number of children you have, your mortgage, income and more. 

Add-on features

You might have heard about insurance “riders” and wondered what they are. They’re simply add-ons that allow you to customize your policy to your needs. Here are the features you can add to your whole life policy for an extra cost. 

This lets you access a portion of your policy’s death benefit while you’re still alive to help ease the financial burden that often comes with a chronic or terminal illness.3 This would then reduce (or eliminate) the death benefit available for your loved ones. There is no additional cost for this feature. 

A specified additional amount will be paid if you die as the result of an accident prior to age 70. 

Choose up to $50,000 of term insurance for each of your kids ages 0-17. In addition to current coverage, it gives them the opportunity to convert the policy to whole life insurance at age 23 without additional medical exams.

If you become disabled before age 65 and can’t work for a specific period of time, you won’t have to make premium payments in order to keep your life insurance policy active. It gives you one less thing to worry about when dealing with a serious illness or injury. 

Guarantees you the right to purchase additional whole life insurance protection – without a medical exam – every three years between ages 22 and 43. 

For no additional cost, this rider can be added onto your whole life insurance policy to potentially increase its dividends and growth. Depending on how much of your dividend you allocate to this rider and index performance, you could possibly double your dividend.  Since this rider is tied to index performance, there’s also a chance you could lose your dividend. If you choose not to allocate anything to the rider, your dividend would not be affected. Keep in mind that dividends are not guaranteed. 

This provides the opportunity to purchase additional paid-up whole life insurance and build more cash value. 

Adds 10, 15, 20, or 30-year term life coverage to your whole life policy for you or your spouse. If you have a need for a large amount of coverage but can only afford a moderate amount of whole life insurance, adding term life can help you bump up the total death benefit available in a cost-effective way. Before this additional term ends, you may be able to convert it to a whole life policy without a medical exam. 

Getting started with whole life

Your representative will help you choose the right policy type, amount and payment option. They’ll also walk you through the application process, which will include filling out a few forms, answering some health questions and possibly being asked to complete a basic medical exam.

Depending on your coverage needs and policy choice, you may be able to skip the medical exam with our simplified or accelerated underwriting process! Ask your representative if you qualify for a no-exam application. 

How can I request a quote?

Reach out to your rep. They’ll help you understand your options and select what works best for you. 

COUNTRY Financial® is the marketing name for the COUNTRY Financial family of affiliated companies (collectively, COUNTRY), which include COUNTRY Life Insurance Company®, COUNTRY Mutual Insurance Company®, and their respective subsidiaries, located in Bloomington, Illinois.

Policies issued by COUNTRY Life Insurance Company®, Bloomington, IL. 

The information and descriptions contained here are not intended to be complete descriptions of all terms, conditions and exclusions applicable to the products and services. The precise insurance coverage under any COUNTRY Life insurance product is subject to the terms, conditions and exclusions in the actual policies as issued. Products and services described in this website vary from state to state and not all products, coverages or services are available in all states. 

1COUNTRY Financial and our representatives cannot give tax advice. Any information we provide reflects our understanding of current tax laws, which are subject to change and reinterpretation. 

2Policy loans and withdrawals decrease the cash value and death benefit amount of the policy. The decision to purchase life insurance should be primarily based on a need for the death benefit. Policies are not an investment and are not appropriate as a replacement for retirement savings accumulation.  

3A physician must certify you as chronically or terminally ill. 

Whole Life Policy ICC18(WL) 

Whole Life (North Dakota): WL(ND18) 

Whole Life (Florida): FL(ND18) 
Single Premium WL form no. ICC18(WLSP) 

Indexed Dividend Feature Rider: ICC19(IDR) 

Term Life Insurance: Spouse Rider ICC17(TLIS) 
Term Life Insurance: Insured Rider ICC17(TLII) 
Child Term Rider ICC18(CTR) 
Paid-Up Life Insurance Rider ICC18(PUAR) 
Guaranteed Insurance Option Rider ICC18(GIO) 
Accidental Death Option ICC18(ADB) 
Indexed Dividend Feature Rider ICC19(IDR) 
Disability Waiver of Premium Benefit ICC18(DWP565) 
Payor Death or Disability Waiver of Premium Rider ICC18(PDD) 

ICC19 (ADBCI) 

ICC19 (ADBTI)

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