Whole Life Insurance Made Simple
Build lifelong protection with guaranteed premiums, guaranteed coverage, and guaranteed cash value — all in one policy.
What Is Whole Life Insurance?
Whole Life Insurance provides lifelong coverage with premiums that never increase. It includes a guaranteed death benefit and a cash value component that grows over time. Your policy stays active for your entire life as long as premiums are paid.
Lifetime Protection
Unlike term insurance, whole life coverage never expires. Your family is protected for your entire lifetime.
For Children & Minors
Whole life policies for minors are owned by a parent or guardian, the death benefit is limited to $50,000, easy application
Locked-In Premiums
Your rate is guaranteed never to increase — even as you age or if your health changes.
Builds Cash Value
Part of your premium builds cash value that grows tax-deferred and can be accessed through loans or withdrawals.
Why Whole Life Insurance Matters
Build Long-Term Financial Security
Whole life offers guaranteed lifelong coverage and cash value growth that builds financial stability over time.
Flexible Payment Options
Whole life insurance can be structured in several ways — traditional pay-to-age-100 or limited pay schedules such as 10-15 or 20 year pay-These options allow you to finish paying sooner while keeping lifelong protection.
Create a Legacy for Your Loved Ones
Your policy provides a tax-free benefit that can help cover final expenses, debts, or support your family’s future financial needs.
Access Cash Value When You Need It
You can borrow against the policy’s cash value for emergencies, opportunities, or other expenses — with no credit checks.
What Affects Whole Life Pricing?
Whole life premiums are based on a few key factors:
- Age - Younger often means lower cost
- Health & tobacco use
- Coverage amount (death benefit)
- Payment period (10-pay, 20-pay, pay-to-65, pay-to-100)
- Policy features (optional riders/benefits)
How Whole Life Insurance Works
Whole life insurance provides lifelong protection, guaranteed premiums, and cash value that grows over time. Here’s how it works:
Choose Your Coverage Amount
Decide how much protection you want for your family. Most people choose an amount that covers final expenses, debts, and creates a legacy for loved ones.
Select Your Payment Schedule
Choose how long you want to pay for your policy. Options include 10-15 and 20 year pay, or traditional pay-to-100. Once you complete the payment period, your coverage stays active for life.
Build Cash Value Over Time
Part of your premium goes into a guaranteed cash value account that grows every year. You can borrow from it for emergencies, opportunities, or other needs — with no credit checks or restrictions.
Keep Lifelong Guaranteed Coverage
Your policy remains active for life as long as your premiums are paid. The death benefit will be paid tax-free to your beneficiaries.
See If Whole Life Insurance Is Right for You
Whole life insurance offers lifelong coverage with guaranteed premiums and cash value growth. Use the tool below to explore coverage amounts and payment options that may fit your goals. Viewing estimates is quick and does not require any obligation.
This page focuses on Whole Life coverage. The quote tool may display multiple permanent life insurance options. Rates vary by age, health, death benefit and tobacco use. A licensed agent is available if you’d like guidance.
Trusted Carriers We Work With
Carrier availability varies by state and underwriting guidelines. Bonanza Insurance Services is an independent agency. We are not employed by any one insurance company.
Common Questions About Whole Life Insurance
Whole life insurance is a type of permanent life insurance that provides lifelong coverage with guaranteed premiums and a guaranteed death benefit. It also includes a cash value component that grows over time.
Term life insurance provides coverage for a specific period of time, while whole life insurance lasts for your entire lifetime. Whole life also builds cash value and has fixed premiums, whereas term coverage typically expires and does not build cash value.
No. Whole life insurance premiums are guaranteed to remain level for the life of the policy, as long as premiums are paid on time. Your rate will not increase due to age or changes in health.
Yes. Whole life policies build cash value that can be accessed through policy loans or withdrawals. These funds can be used for emergencies, opportunities, or other financial needs. Loan interest and policy terms vary by carrier.
Yes. Many whole life policies offer flexible payment options, including 10-15-20 year pay or traditional pay-to-age-100 plans. Once the payment period is complete, coverage continues for life.
Yes. Many carriers offer whole life insurance for children. These policies are typically owned by a parent or guardian and often provide death benefits up to $50,000. Purchasing coverage early can help secure lifelong insurability.
Pricing is based on several factors, including age, health, tobacco use, coverage amount, payment structure, and policy features. Because whole life policies are customizable, costs can vary significantly from person to person.
No. Viewing a quote does not require any obligation. The quoting tool is designed to help you explore options. A licensed agent is available if you’d like help understanding your results or next steps.
Independent agents are not tied to a single insurance company. This allows us to compare policies from multiple carriers and help you choose coverage based on your needs — not a company’s quota.
Bonanza Insurance Services is an independent insurance agency. We work with multiple nationally recognized carriers to help individuals and families compare options and find coverage that fits their goals and budget. Our role is to represent you — not any one insurance company.