What Is Whole Life Insurance?

Whole life insurance is a type of permanent life insurance. Unlike a term life policy, a whole life plan offers you a guaranteed benefit. And the premiums will never change. Plus, you have the additional financial security of an accumulating cash value that grows over the life of the policy.

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An Investment That Protects You

The rate that your policy’s cash value grows at will vary from company to company. But most companies guarantee that the cash value will draw at least 4% interest. You’ll also be able to borrow against your whole life plan’s accumulated cash value.

Whole life premiums are higher than those of a term life plan. But those premiums stay the same — staying “level” in insurance jargon — the entire life of the policy. And term life policies are expensive to renew as you get older.

Whole life is designed for long-term financial security. It can be a key part of protecting your family’s financial needs.

Why Should You Get A Whole Life Policy?

• Your whole life plan cannot be cancelled if you develop a health condition.
• Your whole life plan will always have the same premium.
• Your whole life policy will generate a tax-deferred cash value account over time.
• As long as you pay your premiums, your plan remains in effect for life.

Why Whole Life Insurance May Not Be for You…

• Your whole life policy may cost more over the course your lifetime than a term life policy would.
• If you’re young, the premiums on a whole life plan will be more expensive than on a term life plan.
• You can’t change the face value of your whole life plan. So if you decide that your family needs more coverage, you’ll have to purchase an additional life policy.

Is a whole life insurance policy right for your situation? The best way to decide is to sit down with a life insurance agent and discuss your options. You can use our free online service to get matched with agents licensed in your area. Just fill out this simple life insurance quote form to get started.