Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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No load life insurance means that there is either no, or a very low, commission and no fee added to the annual premium for your whole life insurance policy. This type of whole life insurance also allows for lower income individuals to obtain a quality policy at a lower premium cost.

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Traditional whole life insurance policies charge annual fees for an agent’s commission, advertising fees, and other costs to the life insurance company. While some no load life insurance policies have an initial fee for the start-up, there will not be annual fees attached to the policy like other traditional whole life insurance companies.

Often times this type of insurance is also referred to as low load insurance (in instances where there is a small fee associated), but they are inherently the same type of life insurance policy.

So how do no load life insurance policies work?

It almost sounds too good to be true. It is a similar concept as some of the factory direct furniture stores or even other types of direct insurance companies; this cuts out the “middleman”. The downside to this type of policy is that you will not have the expertise or care of an insurance agent. You will have to do the research and make certain that you understand the benefits of the policy without the assistance of an insurance agent.

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What are the advantages?

The advantages to no load or low load life insurance are mainly monetary:

  • This type of life insurance will obviously end up saving you money on your life insurance premiums.
  • No load life insurance allows your cash value to accumulate faster than a traditional whole life policy would, since more of your premiums are going towards that cash value rather than paying into commission.
  • Premiums are applied directly to the cash value.
  • Allows you to pull from the cash value to apply it to premiums, if problems arise with your ability to make your payments.
  • Easily accessible online. Due to the upfront fee structure, it can be purchased online and ends up being a quicker process to get the coverage that you and your family need.

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What are the disadvantages?

The disadvantage to no load life insurance is that the lower premiums come at a cost, although not monetarily. As previously mentioned, you will be responsible for doing your own research to understand the different types of life insurance policies.

Further, you will need to read through your policy carefully and make certain that you thoroughly understand the coverage, terms, and how the cash value of your policy works. The worst case scenario is that you purchase the wrong amount of coverage, even if it is for a lower premium. This could leave your family with a gap in their insurance needs.

Not all life insurance companies offer this type of no load/low load life insurance. The main reason is that it provides less of an incentive for the insurance sales agents, since this type of policy does not include commission.

It is crucial that you do research not only on the type of policy, but the company as well. A lower premium policy with a company that is not financially stable is not a good investment. Make sure that you are looking at the financial rating of the company, as well as customer reviews if those are available online.

Finally, once the no load life insurance has been purchased another disadvantage to this type of policy is that you will not receive the personal customer attention that you might with an agent managing your life insurance policy. If you need to make changes to your policy such as an address change or even a policy change, this will either have to be done by calling a 1-800 number or online.

If you require personal attention for your policy, this is not going to be the right policy for you. However, if you are searching for a basic life insurance policy for a reasonably lower insurance premium than the agent-based companies offer, the no load life insurance policy could be the right type of policy for you and your family’s needs.

To begin protecting your loved ones with a whole life policy but at a lower cost, start comparing no load life insurance policies with the life insurance comparison tool on this page. It’s easy and free.

Just input your zip code and start comparing life insurance quotes today!