6 Ways to Tailor Whole Life Insurance Options to Your Needs

Happy multigenerational family on couch

What if you could have peace of mind regarding your family for the rest of your life? 

It’s possible to do so when you buy the right whole life insurance. Unfortunately, many people who could benefit from this coverage hold off on getting it because they aren’t sure if any coverage perfectly suits their lives and lifestyle. 

If that sounds like you, here’s some good news: adapting whole life insurance coverage to your specific needs is easier than you ever imagined. Keep reading to discover the secrets to personalizing whole life insurance and getting the most bang for your buck! 

1. Whole Life Insurance Customization: Choosing Your Level of Coverage 

There are plenty of whole life insurance options available to you, and the first way to tailor coverage to your specific needs is by choosing how much coverage you really need. As with automobile or homeowner’s coverage, the basic goal is to get the financial protection you need without breaking the bank on monthly payments. 

To ensure you have enough coverage, you need to consider all of the major expenses your family would be left with if you unexpectedly pass away. For example, some people want a death benefit that is 10 times their current salary. The logic here is simple: if that person were to die today, their family would receive the equivalent of a decade’s worth of paychecks, and that’s usually enough to square away major debts. 

It’s possible to take other expenses into account as well. For example, if you recently bought a house with your partner, you may want a death benefit large enough to pay off the mortgage so your family won’t be left without a home. If you have children planning to attend college, you need a death benefit that can pay for their education while still leaving plenty for your spouse

2. Tailoring Life Insurance to Your Needs Via the Accidental Death Benefit 

It can be morbid to think about, but we can die in many different ways. Not everybody passes away peacefully in their sleep. If you’re worried you might die in an accident, you can tailor your policy by adding an accidental death benefit to the policy. 

As the name implies, this addition to your policy will pay out an additional amount if you die of bodily injury due to an accident. While nobody ever hopes to die in an accident, this addition to your policy ensures that if it happens to you, your family will get all the financial relief they need when you are gone. 

3. Protect Against Disability with a Special Waiver 

As with other products your carrier sells, customizing life insurance policy options is easy to do using special waivers. For example, you can get a waiver of the premium rider that will fully fund your policy in the event that you are affected by a qualifying disability. 

This waiver is important because the death benefit is meant to take care of your family when you are gone. But a major disability can effectively disrupt your income just as much as a fatal accident. With this waiver in place, though, you can ensure that your family still gets the financial protection they need. 

Three generations cuddle on the couch

4. Accelerated Benefits in the Face of Chronic or Terminal Illness 

Traditionally, your policy would only pay out when someone dies, which is why it’s called a “death benefit.” However, it’s possible to add an accelerated benefits rider to your policy that will pay out if you are affected by a chronic or terminal illness. 

Such a rider can be very useful because treating chronic or terminal illnesses is expensive, and those affected by them may no longer be able to work. With this rider, though, you and your family can get help dealing with these unwanted expenses. 

5. Life Insurance and Wealth Planning 

While not everybody takes advantage of this, one of the biggest benefits of whole life insurance over term life insurance is that this type of coverage can help with your wealth planning. This can make a big difference each year, especially during tax season. 

For example, families sometimes use whole life insurance policies to help descendants avoid or mitigate major real estate taxes. With the help of a financial advisor, you can even use this policy for charitable giving, helping you establish a legacy that leaves a lasting impact. 

6. The Importance of Finding the Right Carrier 

Customizing whole life insurance policy options is easy, but there is one constant you should be aware of: to have access to the best options for your policy, you need to make sure that policy comes from the best carrier. 

Some carriers are hard to communicate with, and it may feel like they only want to slide you a new bill each month. But by researching the different available carriers, it’s possible to find the right one. Never forget this simple fact: you deserve a carrier that is just as devoted to protecting your family as you are. 

Get the Best Whole Life Insurance Today! 

Now you know the most important things about whole life insurance customization. But do you know where you can find the carrier that offers the communication and customization you deserve? 

Here at InsureOne, we know you deserve someone you can effectively trust with your family’s life. Ready to discover how we can provide the peace of mind you’ve been dreaming of? It’s easy to get a quote online. Or you can pick up the phone and give us a quick call at 800-836-2240. Also, feel free to come into one of our convenient nearby offices