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Whole Life vs Guaranteed Universal Life Final Expense
Whole Life:
simplified issue, non participating “non-par”
Pros: lower price, affordable, not as strict underwriting, simplified issue, no blood test, builds guaranteed cash value, lifetime coverage, fixed premium, best for small coverage amounts
Cons: costs more proportionately than Guaranteed UL; level face amount so inflation diminishes value of the policy, simplified issue non participating whole life has no dividends
Guaranteed Universal Life:
Pros: costs less overall per 1,000 in coverage than whole life, lapse protection; lifetime guarantee coverage plans up to age 120; no-lapse guarantee
Cons: stricter underwriting; does not build cash value; timely payments required to maintain no-lapse guarantee; level face amount so inflation diminishes value of the policy, but the larger face amount, $25,000 is the minimum, offsets this as a final expense policy.
Types of Cash Value Life Insurance Overview by the WA state office of the Insurance Commissioner
Sample Rates $5,000, $10,000, $15,000 whole life insurance rates by age and two health rates for $25,000 Guaranteed Universal Life (GUL). Please go here for samples rates ages 70 – 79
Female – non-tobacco – 60 to 69 year old
| $5,000 |
$10,000 |
$15,000 |
$25,000 Pref. Best |
$25,000 Standard |
|||
| ______ | ______ | _______ | _______ | _______ | |||
| Age 60 | $18.04 | $32.87 | $47.70 | $60.35 | $66.31 | ||
| Age 61 | $18.86 | $34.51 | $50.17 | $62.36 | $68.55 | ||
| Age 62 | $19.63 | $36.06 | $52.49 | $64.47 | $70.92 | ||
| Age 63 | $20.46 | $37.72 | $54.98 | $66.71 | $73.42 | ||
| Age 64 | $21.28 | $39.63 | $57.45 | $69.08 | $76.06 | ||
| Age 65 | $22.11 | $41.01 | $59.91 | $71.58 | $78.85 | ||
| Age 66 | $23.32 | $43.44 | $63.59 | $74.50 | $82.10 | ||
| Age 67 | $24.53 | $45.86 | $67.19 | $77.59 | $85.54 | ||
| Age 68 | $25.75 | $48.29 | $70.84 | $80.89 | $89.19 | ||
| Age 69 | $27.01 | $50.81 | $74.61 | $84.39 | $93.07 | ||
Male – non-tobacco – 60 to 69 year old
| $5,000 | $10,000 | $15,000 | $25,000 Pref Best |
$25,000 Standard |
|||
| _______ | ________ | ________ | ________ | _________ | |||
| Age 60 | $23.48 | $43.76 | $64.04 | $64.17 | $72.00 | ||
| Age 61 | $24.81 | $46.41 | $68.02 | $66.42 | $74.60 | ||
| Age 62 | $26.13 | $49.07 | $72.00 | $68.80 | $77.35 | ||
| Age 63 | $27.21 | $51.22 | $75.23 | $71.32 | $80.25 | ||
| Age 64 | $28.39 | $53.58 | $78.77 | $73.98 | $83.32 | ||
| Age 65 | $29.84 | $56.48 | $83.12 | $76.79 | $86.55 | ||
| Age 66 | $31.53 | $59.85 | $88.18 | $80.26 | $90.50 | ||
| Age 67 | $33.19 | $63.18 | $93.17 | $83.94 | $94.71 | ||
| Age 68 | $35.02 | $66.84 | $98.66 | $87.89 | $99.18 | ||
| Age 69 | $37.00 | $70.79 | $104.58 | $92.10 | $103.93 | ||
Note: The minimum face amount, i.e. death benefit, for whole life is generally $2,000, so there are many affordable final expense options for coverage amounts from $2,000 to $10,000.
$25,000 of Guaranteed Universal Life (GUL) for men, except at age 60, is less expensive than $15,000 of Whole Life. For women the cost per 1,000 is less for a $25k Guaranteed UL as well. If in good health and if affordable, a $25k Guaranteed UL is more economical than a simplified issue whole life plan. The underwriting process is more extensive for a Guaranteed UL. Guaranteed Universal Life (GUL) is a Universal Life with Secondary Guarantees (ULSG) to age 120 or beyond.
There is also participating (par) whole life that pays dividends: cash value accumulation, increasing face amount, paid up insurance. Premiums are much higher than simplified issue whole life for those in their 60’s and 70’s, but par whole life’s quality could meet an individual’s situation very well.
Guaranteed acceptance is available for those in poor health. They are modified whole life products.
There are other Universal Life products besides Guaranteed UL, for example current assumption universal life, indexed universal life, that can be a consideration especially for higher face amount than $25,000.
Trend: premiums have remained the same since 2022.
Contact me for a free and strictly confidential quote:
Sean Drummey
phone: (910) 328-0447
email: spdrummey@gmail.com
updated: 11/7/2023 – rates subject to change; sample rates; quote accuracy or completeness not guaranteed; there is also preferred non tobacco, preferred tobacco and standard tobacco, and substandard rates for guaranteed Universal Life as well as tobacco rates for whole life.