Whole Life Insurance

WHAT IT IS

It provides permanent protection for your whole life – from the date of policy issue to the date of the insured’s death (provided that premiums are paid). Premiums are set at the time of policy issue and remain level for the policy’s life.

Unlike term insurance, whole life combines insurance protection and cash value, which builds over time. It offers a death benefit to the beneficiaries upon the insured person's death, as well as a cash value component that grows over time. The cash value can be accessed by the policyholder through withdrawals or loans, and it may also earn dividends depending on the insurance company's performance. Whole life insurance typically has higher premiums compared to term life insurance, but it provides lifelong coverage and can serve as a tool for wealth accumulation and estate planning.

WHY IT IS USEFUL:

-You are covered for your entire life. No need to worry about a term being up and not being covered.

-Your premium amount will remain the same over your lifetime.

-The death benefit is guaranteed - providing peace of mind that your beneficiaries will receive a certain amount upon your death.

- Whole life insurance policies have a cash value component that grows over time. A portion of the premiums paid goes towards building this cash value, which can be accessed during the policyholder's lifetime. This cash value can be used for various purposes, such as supplementing retirement income, paying for education expenses, or covering emergency expenses.

It is important to know that whole life insurance is generally more expensive than term life insurance. You also have no flexibility to adjust the premium you pay. However, if you are looking for a policy that will last your entire life and that grows cash over time, whole life insurance may be the solution for you!