Whole Life Insurance

Coverage For Your Entire Life
Coverage For
Your Entire Life
Tax Free Death Benefits
Tax Free
Death Benefits
Affordable Rates
Borrow Against
The Cash Value

Whole Life Insurance Quotes & Policy Overview

Most things in life come with an expiration date — from groceries to coupons and even certain types of life insurance. But there's one exception to that rule: a whole life insurance policy.

Whole life insurance is insurance for life and covers you for as long as you live (as long as premiums are paid on time), at a locked-in rate that won't increase as you age or if your health status changes. It may also build " cash value" over time, which is money that gets set aside with each payment you make.

  1. Premiums are set at a certain amount and don't change.
  2. Premiums are partially determined based on the age of the insured. The younger the insured is, the less expensive the annual premium.
  3. There are guaranteed cash values or dividends that are dependant on the specific terms of the policy.
  4. The insured can borrow against cash values.
  5. Current federal income tax law allows for deferred tax advantages for some insurance policies.
  6. Whole Life Insurance provides coverage for the entirety of the insured's life, generally to age 100, as long as the policy is in force.

Ready to get started but still not sure yet? Read on to learn why whole life insurance may be just what you need and find out what is the best whole life insurance policy for you and your family.

Whole Life Insurance at a Set Rate that Can Be Worked Into Your Budget

Whole Life Insurance can have fixed-rate payments that can be made on a monthly, quarterly, semi-annual, or annual basis. Once you buy whole life insurance, it's insurance for life and the whole life insurance rate you pay is guaranteed to stay the same, even as you age or your health status changes.

Let's say you buy a life insurance policy during your working years. You'll get to keep that same policy and whole life insurance rates when you retire.

And, speaking of retirement, that's another reason why people buy a whole life policy. It can act as a way to set money aside for the future.

How Does Whole Life Insurance Work?

Get life insurance coverage for your entire life
Get fixed payments that remain the same, even as you get older or your health declines
Accrues cash values or dividends, depending on the policy
Allows you to borrow against the cash value, often at a favorable rate
Cash value can accrue on a tax deferred basis, according to current tax laws

Protection Today. Potential Growth Tomorrow.

Nearly half of working-age families have nothing saved in retirement accounts. 1

Economic Policy Institute, "The State of American Retirement"

Nearly half of working-age families in America haven't saved a single penny for retirement, according to the Economic Policy Institute. 1

Luckily, some whole life insurance policies come with the added benefit of " cash value." With each payment you make toward your policy, a portion of it gets set aside for the future. Left alone, it will continue to grow — and can help to supplement retirement savings. Cash value also comes with tax advantages, as the money accumulates on a tax-deferred basis.

Plan for a Rainy Day While Enjoying a Sunny One

Some whole life insurance policies may also allow you to borrow money against the cash value of your policy, in some cases. Usually, this can be done without the waiting periods and credit checks typically required by other types of loans.

Just keep in mind that if you borrow against the cash value of your whole life insurance policy, you should consider repaying it as soon as possible. If you don't, your loved ones will have a reduced death benefit if you pass away, since unpaid loan balances are deducted.

How Much Whole Life Insurance Coverage Do I Need?

No two people are exactly alike. As a result, you'll likely need a different coverage amount than your mother-in-law, neighbor or coffee shop barista. That's why whole life insurance policies typically allow you to choose from a list of options for your coverage amount.

To choose an amount, consider how much money your loved ones would need — both short and long-term. What immediate expenses would they need to cover if you passed away? And how much money would they need for the future?

If you have a child, you may want that amount to help cover them from diapers to diploma. Or, if you have a spouse, you may want that coverage to help carry them through retirement.

Let's figure out how much life insurance you may need. It will be based on information about you, your current financial situation and what your family might need in the event of your death.

Types of Whole Life Insurance through Matrix Direct

There are two main types of whole life insurance plans offered through Matrix Direct: Universal Life and Guaranteed Issue Whole Life Insurance.

Universal Life Insurance offers lifelong protection and the attractive flexibility to increase or decrease your coverage amount over time (subject to approval by the life insurance provider). You can choose your coverage amount — based on your needs and budget. That's ideal for those who might not need much coverage now, but who see a loving spouse, a happy child or a beloved parent needing their financial help in the future. You can also choose to pay a lower or higher amount for your policy, making it a good fit for those just starting out in life. Keep in mind, however, that the amount and timing of your payments on a Universal Life Insurance policy can affect how long you can continue coverage.

If you're 50 to 85 years old, there may be another type of whole life insurance to consider: Guaranteed Issue Whole Life Insurance (GIWL) Insurance. Like most whole life insurance policies, it can offer protection for up to a lifetime. But, unlike other whole life insurance policies, you don't have to take a medical exam or complete a long health questionnaire to qualify. As long as you meet the age requirements, you're guaranteed approval — regardless of your health status. Those who qualify may be able to get $5,000 to $25,000* in coverage, which can help to cover medical bills or funeral costs that your family might otherwise have to shoulder alone.

How Much Does Whole Life Insurance Cost?

The cost of your life insurance policy will depend upon several factors, including which type of whole life insurance policy you need (Universal Life Insurance or Guaranteed Issue Whole Life Insurance) and your desired coverage amount.

Your age may also play a role in your cost for whole life insurance, as well as your health and lifestyle (for Universal Life Insurance only). Guaranteed Issue Whole Life Insurance does not require a medical exam or health questionnaire. As long as you meet the age requirements for GIWL (50 to 85 years old), you can't be turned down for health reasons.

Looking for a quick quote? Get a free estimate for how much your Universal Life Insurance policy or Guaranteed Issue Whole Life Insurance policy might cost.

Common Questions About Whole Life Insurance

  1. Why do people choose whole life insurance? — Whole Life Insurance through Matrix Direct is a way to help provide financial protection for your loved ones today, while setting aside money for tomorrow (cash value).
  2. How does "cash value" work? — Cash value is money that's set aside with each payment you make, like a nest egg for the future. You can leave this money alone and watch it grow or borrow against it and pay it back with interest.
  3. What's the difference between whole life insurance and term life insurance? — Term life insurance provides coverage for a set period of time, or a "term." Once the term ends, so does your coverage. Whole Life Insurance can provide coverage for up to a lifetime, as long as you stay current on payments. Additionally, some whole life insurance policies build cash value, whereas term life insurance policies do not. Read more about the difference between whole life insurance and term life insurance.

Reviews from Customers who have Purchased Universal Life Insurance through Matrix Direct

Our satisfied customers can tell you more about our life insurance products than any advertising campaign ever could. Read reviews from real-life customers who have purchased whole life insurance policies from Matrix Direct.

Hear from Our Customers Who Purchased Life Insurance through Matrix Direct

5 Stars
5 Stars - Great Life Insurance Coverage
Great Service!
The representatives are well trained in their field and give the customer the best plan to suit their needs at the best price. They are helpful with making the process understandable and. even help getting everything done over the phone when possible.
Blue Ridge, Ga
Motivation: Protect Loved Ones Financially
October 27, 2018
5 Stars
5 Stars - Great Life Insurance Coverage
Best Product for Me - Easy Shopping
Easy way to shop for your insurance needs. The agents service was excellent. He was very informative and professional.
Troy, MI
Motivation: Protect Loved Ones Financially
October 15, 2018

Read more of what our customers have to say and see their Life Insurance Customer Satisfaction Scores.

The endorsements/testimonials presented should not be construed as a recommendation to purchase, or an indication of the value of any product or service. The testimonials are actual Matrix Direct customers who are not affiliated with Matrix Direct and were not provided compensation.


1. https://www.epi.org/publication/retirement-in-america/#charts (2016)

* The total amount of all AGL Guaranteed Issue Whole Life Insurance policies on any person cannot exceed $25,000 in the aggregate. Coverage is subject to receipt of payment and verification of identity as required by law and is effective upon receipt of policy.

Matrix Direct and its representatives are not authorized to give legal, tax or accounting advice. Applicable laws and regulations are complex and subject to change. Any tax statements in this web page is not intended to suggest the avoidance of U.S. federal, state or local tax penalties. Clients should consult their attorney, tax advisor or accountant regarding their particular situation.