{"id":21504,"date":"2024-03-06T22:25:56","date_gmt":"2024-03-06T22:25:56","guid":{"rendered":"https:\/\/www.thinkadvisor.com\/2024\/03\/06\/whole-life-gets-more-shopper-attention\/"},"modified":"2024-03-06T22:25:56","modified_gmt":"2024-03-06T22:25:56","slug":"whole-life-gets-more-shopper-attention","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/03\/06\/whole-life-gets-more-shopper-attention\/","title":{"rendered":"Whole Life Gets More Shopper Attention"},"content":{"rendered":"<div class=\"media_block\"><a href=\"https:\/\/feeds.feedblitz.com\/-\/873201188\/0\/thinkadvisor\/\"><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2024\/01\/2023-8-23_percent-sign_Adobe_640x640.jpg\" class=\"media_thumbnail\"><\/a><\/div>\n<div><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2024\/01\/2023-8-23_percent-sign_Adobe_640x640.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>The holders can get cash out of either a whole life policy or a universal life policy by selling the policy, withdrawing assets or borrowing against the cash value.<\/p>\n<p><strong>MIB:<\/strong> MIB is a Braintree, Massachusetts-based organization that helps life insurers share underwriting information. It bases the monthly shopping statistics on application processing volume.<\/p>\n<p><strong>Age breakouts:<\/strong>&nbsp;Here\u2019s how U.S. life application activity changed between February 2023 and the latest month for five age groups:<\/p>\n<ul>\n<li><strong>Ages 0-30:<\/strong>&nbsp;+2.5%<\/li>\n<li><strong>Ages 31-40:<\/strong>&nbsp;+5.8%<\/li>\n<li><strong>Ages 51-60:<\/strong>&nbsp;+0.3%<\/li>\n<li><strong>Ages 61-70:<\/strong>&nbsp;+1.6%<\/li>\n<li><strong>Ages 71 and older:<\/strong>&nbsp;+8.0%<\/li>\n<\/ul>\n<p><strong>Coverage costs:<\/strong>&nbsp;<a href=\"https:\/\/www.policygenius.com\/life-insurance\/life-insurance-price-index\/march-2024\/\" target=\"_blank\" rel=\"noopener\">Policygenius<\/a>, a web broker, publishes monthly price charts based on the prices that term life issuers offer their customers.<\/p>\n<p>The lowest price is for a 25-year-old female nonsmoker who needs $250,000 in death benefits. The highest price is for a 60-year-old male smoker who needs $1 million in death benefits.<\/p>\n<p>The cost for the young, female nonsmoker increased to $14.58, from $14.40. The cost for the 60-year-old male smoker is $1,621.84.<\/p>\n<p>In 2023, the highest age included in the Policygenius index table was 55. For 55-year-old smokers, the cost of $1 million in coverage fell to $1,006.89, from&nbsp;$1,006.92.<\/p>\n<p><em>Credit: Adobe Stock<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The holders can get cash out of either a whole life policy or a universal life policy by selling the policy, withdrawing assets or borrowing against the cash value. MIB: MIB is a Braintree,&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":21505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/03\/whole-life-gets-more-shopper-attention.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21504"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=21504"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21504\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/21505"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=21504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=21504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=21504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}