Whole life insurance · Scottsdale, Arizona
Whole life insurance, from an independent agency in Scottsdale
Whole life is permanent coverage: it's built to last your whole life, with a premium that doesn't go up and cash value that grows inside the policy. It costs more than term, so the real question is whether you need coverage that never expires.
Sullivan James is an independent insurance agency in Scottsdale. We compare whole life policies from several carriers, explain how each one is built, and call you with real numbers. No obligation.
Get my quotesSullivan James Insurance: independent life insurance agency
Life insurance we write: term life insurance, whole life insurance and mortgage protection (term life sized to a home loan). We compare several life insurance carriers for each client.
Office: 14350 N. 87th St., Suite 170, Scottsdale, AZ 85260 · (480) 382-7332
What it is
Coverage that doesn't expire
A term policy covers a set number of years, then ends. A whole life policy stays in force for as long as you keep paying the premium, and that premium is set when you buy it.
Part of each premium builds cash value. The cash value grows on a schedule the policy guarantees, and with many policies from mutual companies it can also earn dividends, which are not guaranteed. You can borrow against the cash value, but an unpaid loan and its interest reduce what your beneficiaries receive.
When whole life makes sense
Whole life fits needs that don't end on a date: final expenses, an estate or business plan, a child with lifelong needs, or leaving a set amount to someone no matter when you die.
If your need is to protect a mortgage or replace income while the kids are home, term usually does that job for far less. Many people own both. We'll tell you plainly which one fits.
Comparing policies
Four things that make two whole life policies different
Whole life policies from different carriers can look alike on the first page and behave very differently over 20 years. These are the questions we answer for every quote.
Guaranteed values
What the policy promises in cash value and death benefit regardless of dividends. This is the floor you can count on.
Dividend history
For participating policies, how the carrier has actually paid dividends over time. Past dividends are not a promise, but they show how a company behaves.
How fast cash value builds
Policies designed to build cash value early cost differently from ones built mainly for the death benefit. The design should match why you're buying.
Loan terms
The interest rate on policy loans and how a loan affects dividends and the death benefit. Read this before you plan to borrow.
We show you the guaranteed and non-guaranteed columns side by side, so nothing on the illustration is a surprise later.
Questions
The ones worth asking first
What is the difference between whole life and term life insurance?
Term life covers a set period, such as 20 or 30 years, and has no cash value. Whole life covers your entire life as long as premiums are paid, keeps the same premium, and builds cash value. Term costs much less for the same death benefit; whole life costs more because it is built to pay out eventually.
Can I borrow from a whole life policy?
Yes. Once a policy has cash value, you can usually take a loan against it. Any loan you don't repay, plus interest, is subtracted from the death benefit, and a large unpaid loan can cause the policy to lapse. We'll show you how loans work on each policy we quote.
Are whole life dividends guaranteed?
No. Some whole life policies from mutual insurance companies pay dividends, but the carrier decides each year whether to pay them and how much. The guaranteed cash value in the policy is separate from dividends.
Do I need a medical exam for whole life insurance?
It depends on the carrier, your age and the amount. Some applications need an exam and some don't. We'll tell you up front which carriers would ask for one.
Is Sullivan James the insurance company?
No. Sullivan James is an independent insurance agency based in Scottsdale, Arizona. Policies are issued by the carrier, and no coverage is in force until the carrier issues the policy and the first premium is paid.
See whole life from several carriers, side by side
Tell us a little about you and pick whole life on the form. A licensed agent compares several carriers and calls with real numbers.
Get my quotesOr call (480) 382-7332 and talk to a licensed agent.
Sullivan James Insurance is an independent insurance agency, not an insurance company. Policies are issued and underwritten by the carrier, and all coverage is subject to underwriting approval, policy terms, exclusions and limitations. No coverage is in force until the carrier issues the policy and the first premium is paid. Riders and their availability vary by carrier and state. This page is general information, not tax, legal or lending advice, and is not an offer of insurance in any state where Sullivan James Insurance is not licensed.