I Want To Spend As Little As Possible on Whole Life Insurance

Every insurance company establishes a minimum base amount of death benefit required to open a policy - typically $50,000 or $100,000. So the answer is yes, it's possible to purchase a minimum policy. The cost of that minimum $50,000 policy varies with age. Obviously less expensive when you're 25, and much more expensive when you're 65 or 70.

Everyone has to start their financial journey somewhere, and everyone deserves to be treated as a valued client. We've all been in that same position, and as we look back on our own lives we can find someone who showed us kindness and respect, and helped us get started toward financial empowerment, so you certainly deserve that same opportunity.

While we want to encourage you, at the same time we also want to be fully honest about smaller policies - they don't perform as well as larger policies.

Here's an analogy to visualize the difference between a small whole life policy and a larger policy.

Think of a permanent life policy like a boat or a ship. There are boats in the harbor - limited to a small space, and there are ships out on the open ocean sailing with no limits.

The smaller policies are like the boats in the harbor. The policy fees - which are barely noticeable to the ships in the open ocean, are a significant drag on the cash value growth of a small policy.

"I Want to Spend as Little as Possible"

It's very common that people starting out in whole life - people who are not rich - begin the conversation with wanting to spend the minimum.

For a lot of people, it's ok to start with a small policy, because even with slightly smaller returns - those returns are guaranteed, and sometimes this will be your best option. Always remember - whatever money you put in a whole life policy grows at a COMPOUNDED rate tax-free, and after 20 or 30 years of uninterrupted compounding - that money will have grown considerably.

Rather than put your money into a low-interest (taxable) savings account, it might make sense to put that money into a whole life policy.

Rather than try to pick the right mutual fund (which have very high fees themselves), or try to time the stock market (80% of investors lose money in the stock market) - maybe the conservative guaranteed cash value growth from a whole life policy makes more sense.

Remember, this is only your first whole life policy. As your financial circumstances improve, you'll be back for more life insurance - a larger policy for yourself, a policy on your children, business partners, and grandchildren.

Even a small policy puts you into a higher class of financial literacy, and you can pass this knowledge of permanent life insurance to your children and grandchildren. Just by being here, you're already ahead of the game.

We've all been where you are at some point in our own lives, so we'll do our best to get you started with a small policy today. That will get you into the whole life game, then we'll see you again when you're ready for more!