Whole life insurance quotes are the most expensive types of policies on the market due to the fact of money's worth over time. Whole life insurance is permanent life coverage that lasts as long as you live and continue to make timely premium payments. The reason whole life insurance quotes are much more expensive is because the policy will have to pay out a death benefit when you die. The death benefit of a whole life insurance policy is guaranteed to remain level for the duration of the policy, which essentially means for a lifetime—a guarantee that shouldn't be dismissed lightly. The premiums of your whole life insurance policy are also guaranteed never to increase, which is another very important feature. The policy can never be canceled by the insurance company. A whole life insurance policy has cash values, meaning the money is accessible to you if needed at any time. You can surrender your policy and receive the money it has accumulated, or you can take the money in the form of a loan while still keeping your policy. The cash value of your policy accumulates tax-deferred, meaning that while the money is accruing interest, you pay no taxes on the interest. Taxes are only paid when you withdraw the funds. Additionally, you can borrow against the policy on a tax-free basis. The death benefit you select for your whole life policy will never decrease, and the premiums will always remain the same. With term insurance quotes, the benefit and premiums stay the same for the term but may change dramatically when you renew the policy at an older age. To determine how much of a death benefit you need with whole life insurance, you should evaluate how much money your family would need to survive without you. You must consider that bills still need to be paid and your income will no longer be available. The amount of the death benefit is one of the factors that determines the cost of the whole life insurance quotes you receive. Other factors include your age, occupation, and health. The younger you are when you choose to get whole life insurance, the lower the cost will be for you. In your later years, you may not have to budget for the premiums because they could be fully paid up. You can also borrow against the amount of money you accumulate in the whole life insurance policy; however, this is part of the policy and does not affect the quotes you receive.