When you are getting a whole life insurance quote, it is important to factor in several things.   Are you buying enough death benefit, or should you supplement the whole life with a term rider?  Should you overfund the policy above the premium to take advantage of the tax favorable nature of the cash value?  If so, how much should you overfund the policy?  Do you have disability waiver of premium included in the quote?  Is it a good company with a long track record of good dividends.

These are important questions that should be asked as you get a whole life quote.  Whole life is not a commodity like term insurance and it is important to pick a good company and to structure it the correct way.   An inexpensive term rider can be included in the whole life plan, that will increase the death benefit.   This rider can not only help you meet a higher exposure level, but also give you more term that can be converted to whole life later also.   This is a good option to have once you understand the value of whole life.    In regards to overfunding the policy, I would highly suggest it.   The more you overfund the policy, the quicker it will grow.  The money the is contributed to the cash value will grow on a tax-deferred basis and can be accessed on a tax-free basis if done correctly.   The IRS has put a limit on how much you can contribute on each plan for a reason.   They don’t seem to be very excited about plans that can be accessed tax free.  I would suggest you take advantage of this benefit as much as possible.

The policy should have disability waiver of premium on it.   This will waive your premium payment in case of a disability.  If you can qualify for this rider, it is really valuable.   Also, it is critical that you select a good mutual company with a great track record of paying dividends.