Life Insurance
Whole Life Insurance
Permanent coverage with a premium that never changes and cash value that grows on a guaranteed schedule.
At a glance
- Coverage lasts
- Your whole life
- Premiums
- Fixed for life
- Cash value
- Guaranteed growth
- Medical exam
- Depends on amount
- Often used for
- Lifelong needs
How it works
You pay a fixed premium, either for life or for a set number of years on some plans. The death benefit is guaranteed as long as premiums are paid.
Part of each premium builds cash value, which grows tax-deferred at a guaranteed rate. Some policies from mutual insurance companies may also pay dividends, which aren't guaranteed.
You can borrow against your cash value for any reason. Loans you don't pay back reduce the amount your family receives.
Who it's for
- People who want coverage that never expires
- Parents and grandparents leaving a legacy
- Anyone who wants steady, guaranteed savings growth
- Business owners planning for the long term
Good to know
- Whole life costs more than term for the same amount of coverage because it lasts your whole life and builds cash value.
- Final expense insurance is a smaller version of whole life.
- Cash value grows slowly in the first years of the policy.
- Canceling a policy early can mean getting back less than you paid in.
Ready to talk it through?
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