Whole Life Insurance
What is Whole Life Insurance?
Whole Life Insurance protects you throughout your lifetime – your policy never expires or renews. That’s why it’s called permanent life. Permanent life also has the added benefit of a tax-advantaged savings element.
You receive a death benefit and you build cash surrender value. This coverage can serve as one component of your long-term savings strategy.
When Should You Buy Whole Life Insurance?
Think about investing in whole life insurance if you want :
Whole life coverage with built-in cash savings.
Uniform premium payments throughout your life – premiums generally never increase unlike term life insurance.
Long-term coverage for mortgages, funeral costs or other end-of-life expenses.
To earn dividends from your life policy.
Advantages of Whole Life Insurance
Permanent life insurance never needs to be renewed.
Premiums remain consistent – generally there are no increases regardless of changes in your health.
With some permanent policies, you only pay for a fixed period. Coverage never expires even after your payment commitment ends.