What is whole life insurance?
Unlike term life insurance that protects you for only a specific duration, whole life insurance offers protection throughout your lifetime.
It’s the most basic type of permanent life insurance that offers consistency along with some predetermined, guaranteed cash value growth.
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What can it offer?
In addition to lifetime protection, whole life insurance offers a unique combination of benefits to help meet your needs, including:
Consistent premium payments
Whole life insurance is typically more expensive than term life policies, but the premium amount is fixed for the life of the policy.
Consistent cash value growth
Your whole life insurance policy receives a guaranteed, fixed rate of interest on the cash value.
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Tax-free death benefit
The payout your beneficiary receives if you die is typically tax-free and has a steady value throughout the life of the policy.
Policy customization
You can customize a whole life insurance policy with a variety of optional features for an additional charge.
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How does whole life insurance work?
Your premium payments remain the same over the life of the policy, and a portion of it goes toward the insurance, which includes any fees and death benefit coverage.
A small amount from each payment is also set aside to build up your predetermined, guaranteed cash value.
With this policy, you can borrow against the cash value if needed. When you pass away, an income-tax free death benefit is paid to your beneficiaries. Keep in mind that borrowing against the cash value will reduce the death benefit paid to your beneficiaries, though.
mom helping son ride a bike.
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Who may benefit from whole life insurance?
Whole life insurance is designed for people who are looking for:
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A policy that lasts your whole life
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Premiums that stay consistent over time
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A guaranteed, tax-deferred cash value with a fixed rate of interest over time
