Whole life insurance is a type of permanent life insurance that provides lifelong coverage and accumulates cash value over a course of time. As long as premiums are paid, the policy remains active and is guaranteed to pay a death benefit to your beneficiaries when you pass away. Unlike term life insurance, which only covers a specific period, whole life offers protection for your entire lifetime, a lifetime of protection for your loved ones.

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Key benefits of Whole Life

• Level premiums: Premium payments are fixed and guaranteed to remain the same for the entire life of the policy. This makes it easier to budget for the cost over the long term.

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• Guaranteed death benefit: Payout to your beneficiaries is guaranteed and will not decrease, provided all premiums are paid.

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• Guaranteed cash value: A portion of each premium payment goes into a savings component known as the cash value. This cash value grows at a guaranteed, tax-deferred rate set by the insurer over a course of time.

 

• Dividends (optional): Some whole life policies, especially those from mutual insurance companies, may pay annual dividends. While not guaranteed, these dividends can be used to increase your cash value, reduce premiums, or be received as cash.

 

• Access to cash value: You can access your policy's cash value while you are still alive through withdrawals or by taking out a loan against the policy. o Withdrawals can reduce the death benefit. o Loans accrue interest and can also reduce the death benefit if not repaid​

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