Whole Life Insurance

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What is it?

Whole Life Insurance can provide coverage throughout your entire lifetime. Unlike Term Life Insurance that expires after a set number of years, a whole life policy will remain in-force as long as the premium continues to be paid. Whole Life Insurance provides death benefit protection, but also offers a cash value component.

What's covered?

Whole Life Insurance provides two distinct purposes:
  1. It provides income replacement for the beneficiaries after the insured is deceased.
  2. It also can provide a way to build cash value as a method of saving.
The cash value can accrue tax-deferred and can be borrowed or withdrawn:
  • If the policyholder removes funds from the policy’s cash value, repayment of the money is optional.
  • If the insured were to pass away while there is still a cash balance due, the amount that was removed would be subtracted from the death benefit that is paid out to the beneficiary.

How does it work?

  1. Whole Life Insurance is a preferred type of policy for someone that doesn’t like to gamble with how long they think they are going to need life insurance coverage. When life doesn’t go exactly as planned, term life insurance policy holders could find themselves going without coverage if their health is too poor to qualify for a new term policy. 
  2. Since Whole Life Insurance lasts for the duration of the insured’s life and provides a cash value option, it tends to be more expensive than other forms of life insurance.
  3. A Whole Life Insurance policy will retain the same premium throughout the entire life of the policy, whereas Term Life Insurance may be subject to high premiums if they renew the policy after the original policy term expires.
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