Whole life insurance provides permanent protection for the entire life of the insured 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. Whole life insurance is the most common type of permanent life insurance policy that people purchase.
Unlike term insurance, whole life combines insurance protection and a savings element, or cash value that builds up over time. The cash value may provide a source for living benefits, for example; helping pay off a mortgage, a child’s education, emergency situations, or a cash surrender value if the policy is ever canceled.
Certain aspects of whole life insurance can make it an appealing choice.
- Your premiums are fixed and will never go up, regardless of market conditions.
- You may be able to withdraw funds or take out a loan.
- Your death benefit is guaranteed as long as you make the required premium payments.
- You may have the option to “pay up” premiums at targeted time intervals. ie.. single premium, paid up at 10 years or paid up at age 65
These products are continually changing, and we can provide you with the latest information and policies available!
