WHOLE LIFE INSURANCE

 

Whole life insurance is a type of permanent life insurance. It's also the most common, according to the Insurance Information Institute (III). Like most permanent life insurance policies, whole life offers a savings component, called "cash value," and life-long protection — as long as premiums are paid, whole life provides a death benefit after you die. Whole Life never expires with age and goes on until the end of life. 

 

The benefits of Whole Life insurance are:

* Your premiums and death benefit are fixed

* You can withdraw funds or take out a loan

* Let your cash value pay for your premiums

* You have a guaranteed rate of return

* Fixed Premiums and Death Benefit

* Policy never expires with age

 

In most cases, the premium and death benefit stay constant for the duration of a whole life policy.  A universal life insurance policy, on the other hand, may offer the option to adjust your premiums or death benefit. With fixed premiums and a fixed death benefit, you likely won't have to worry about cost increases as you get older, and your loved ones will know the amount of life insurance proceeds to expect when you do pass on. A whole life policy can serve as a source of emergency funds for you if something goes wrong; you may be able to take out a loan against the policy. That's because a portion of each of your premium payments is funneled into a savings component of the policy called the "cash value." With a Guaranteed Rate of Return, the cash value of a whole life policy is guaranteed to earn a maximum amount of interest.

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