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Whole Life or Guaranteed Universal Life: Life insurance final expense
Whole Life:
Pros: low 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;
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
Sample Rates $5,000, $10,000, $15,000 whole life and two health rates for $25,000 Guaranteed Universal Life. Sample rates ages 60 – 69.
Female – non-tobacco
| $5,000 | $10,000 | $15,000 | $25,000 Pref + |
$25,000 Standard |
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| —— | |||||||
| Age 70 | $28.22 | $53.24 | $78.26 | $89.34 | $105.49 | ||
| Age 71 | $29.92 | $56.63 | $83.34 | $94.37 | $111.68 | ||
| Age 72 | $31.66 | $60.12 | $88.58 | $99.58 | $118.09 | ||
| Age 73 | $33.57 | $63.93 | $94.29 | $104.99 | $124.74 | ||
| Age 74 | $35.49 | $67.78 | $100.07 | $110.64 | $131.68 | ||
| Age 75 | $37.81 | $72.41 | $107.01 | $116.56 | $138.93 | ||
| Age 76 | $40.73 | $78.25 | $115.77 | n/a | $150.08 | ||
| Age 77 | $43.36 | $83.51 | $123.66 | n/a | $161.49 | ||
| Age 78 | $45.82 | $88.44 | $131.06 | n/a | $172.86 | ||
| Age 79 | $48.31 | $93.41 | $138.52 | n/a | $185.27 | ||
Male – non-tobacco
| $5,000 | $10,000 | $15,000 | $25,000 Pref + |
$25,000 Standard |
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| ——– | |||||||
| Age 70 | $38.91 | $74.61 | $110.31 | $101.95 | $121.29 | ||
| Age 71 | $41.01 | $78.81 | $116.61 | $107.88 | $128.47 | ||
| Age 72 | $43.60 | $83.99 | $124.38 | $114.01 | $135.88 | ||
| Age 73 | $46.33 | $89.46 | $132.59 | $120.37 | $143.56 | ||
| Age 74 | $49.03 | $94.87 | $140.70 | $126.59 | $150.99 | ||
| Age 75 | $51.59 | $99.97 | $148.36 | $132.84 | $158.41 | ||
| Age 76 | $55.12 | $107.24 | $158.96 | n/a | $172.41 | ||
| Age 77 | $58.67 | $114.13 | $169.90 | n/a | $187.01 | ||
| Age 78 | $62.87 | $122.13 | $181.60 | n/a | $201.55 | ||
| Age 79 | $66.36 | $129.52 | $192.68 | n/a | $215.05 | ||
As these quotes show a $25,000 Guaranteed Universal Life (GUL) for men is less expense than $15,000 Whole Life and both have lifetime guaranteed coverage at a fixed premium.
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.
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.
There are modified whole life products, guaranteed acceptance for those in poor health.
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. Please see here for other life insurance options for those in their 70’s.
Contact me for a free and completely confidential quote:
Sean Drummey
phone: (910) 328-0447
email: spdrummey@gmail.com
last updated 1/26/2023 – 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.