ServicesWhole Life Insurance
Whole Life Insurance in Redwood City
Whole life insurance covers you for your entire life, keeps the same premium every year and builds cash value you can borrow against. We explain how it works, what it would cost at your age and health, and whether term life would serve you better.
Permanent coverage, and who it actually suits
Whole life is permanent coverage. Three things are locked in when the policy is issued: what you pay each year, the amount your beneficiary receives and a table of guaranteed cash value. Keep paying the premium and the policy stays in force for the rest of your life. Term life, by contrast, stops after 10, 20 or 30 years.
For the same benefit, whole life often runs several times the price of term, so we never recommend it by default. It earns its cost when the money has to be there whenever you pass: funeral and final bills, a child who will need support for life, an estate plan or an agreement between business owners. If you mostly want to replace your paycheck while the kids are growing up, term usually covers that for less, and we will tell you so.
What you can expect from us
- 01
First, what the policy has to pay for
Ahead of any quote, we go over the bills, people and plans the coverage should handle. That list sets the coverage amount, rather than a convenient round figure.
- 02
Term and whole life quoted together
Next to the whole life premium, we show a term life quote for the same amount of coverage. Seeing both figures in writing makes the decision easier.
- 03
Your illustration, walked through
Every whole life quote comes with an illustration showing guaranteed and projected columns. We point out which figures the insurer must honor and which depend on dividends that may change.
- 04
Riders only when they pay off
Certain riders keep your policy in force if a disability keeps you from working. Others let you access part of the benefit early with a terminal illness, or apply dividends to buy more coverage over time. Each has a cost, so we recommend only those that suit you.
- 05
Beneficiaries set up correctly
We help you pick primary and contingent beneficiaries. If a beneficiary is under 18, we explain how a trust or custodian can keep the money out of probate court.
- 06
Check-ins as your life changes
Getting married, having a baby, selling your business or borrowing from the policy can shift what you need. We go back over the policy with you so it stays current.
Questions about Whole Life Insurance?
Call(650) 715-1375When whole life may make sense
You want coverage with no expiration
If the idea of a term policy ending at 65 or 70 worries you, permanent coverage removes that end date entirely.
A loved one will rely on you permanently
Parents of a child with special needs often use whole life to fund a trust that keeps going after they die.
Your term policy is nearing its end
Many term policies allow a switch to permanent coverage with no new health questions. That can be very valuable if your health has changed since you bought it. The window to convert usually ends at a set age or after a set number of years, so look up your dates.
You own a business with others
Business partners often fund a buy-sell agreement with whole life, letting the remaining owners purchase a deceased partner's share. It can also cushion the loss of a key employee, and the cash value is counted as a company asset.
Your essentials are handled and you want steady savings
Cash value builds slowly and, under today's tax rules, on a tax-deferred basis. It suits people who already put money into retirement accounts and have an emergency fund set aside.
The steps to getting covered
- 1
A brief first conversation
We'll ask your age, how your health has been, whether you use tobacco and whom the policy should protect. That gives us enough for real figures, with no sales pitch.
- 2
Your quote and illustration on paper
You get the premium, coverage amount and cash value schedule in writing. We go through it with you by phone or at your place of business and answer all your questions.
- 3
Applying and underwriting
The insurer reviews your health history and may ask for a paramedical exam or your doctor's records. It usually takes a few weeks, and we keep you posted along the way.
- 4
Delivery and your review window
After approval, we go through the issued contract with you line by line so nothing catches you off guard later. California law also gives you time after delivery to cancel for a refund if it isn't a fit.
What sets the cost of whole life
Your whole life premium is fixed when the policy is issued and won't rise afterward. So the price you start with is the price you keep. These are the biggest factors behind it.
- Age when you buy
- Each birthday raises the premium, and you keep that higher rate for life. Buying in your 30s or 40s costs much less per year than buying in your 60s.
- Health and nicotine use
- Your rate class comes from your health history, medications, height and weight. Using tobacco pushes the price up considerably.
- Benefit amount
- A larger benefit means a larger premium. We size the amount to what your family or business would actually need, so you aren't paying for coverage you'll never use.
- Your payment schedule
- You can pay for the rest of your life, or pay more per year and finish in 10 or 20 years or by age 65. Shorter schedules cost more up front and nothing afterward.
- Riders and dividends
- Every rider raises the premium. Dividend-paying policies generally cost more at the start than policies without dividends.
What people ask us about whole life
Is whole life an investment?
It is best seen as insurance with a small savings piece. Cash value grows slowly and steadily, and in the early years it usually trails the premiums you've paid. If growing wealth is your top priority, your money may do better elsewhere, and we will say so plainly.
Can I take a loan from the cash value?
You can. Policy loans don't require a credit check, but they do accrue interest. Any balance left unpaid is subtracted from your beneficiary's payout, and a big unpaid loan can make the policy lapse.
What if I can no longer afford the premium?
There are several options. You can cash in the policy, change it to a smaller paid-up policy that needs no more premiums, or put the value toward term coverage for a fixed period. Cashing in during the first several years often gives back less than you paid, due to surrender charges.
Will I have to take a medical exam?
Most fully underwritten policies require one, particularly for larger amounts. Smaller policies may be issued from health questions only, typically at a higher rate. If funeral costs are your main worry, our Final Expense Insurance page explains simpler choices.
What sets whole life apart from universal life?
Whole life fixes your premium and guarantees the cash value. Universal life lets you change your payments and coverage, but values can fall short if it isn't funded enough. Our Universal Life Insurance page explains those tradeoffs in more depth.
Do you work with clients beyond Redwood City?
Yes. Our clients include people in Menlo Park, San Carlos, Belmont, Foster City and nearby towns. We can meet you at your business or take care of everything over the phone.
Find out what whole life would cost you
One phone call gets you a real quote, a term comparison and a straight answer on whether permanent coverage fits. You decide from there.