Whole Life Insurance

What is whole life insurance?

It's permanent life insurance. As long as the premiums are paid, the policy stays in force and pays the death benefit to your beneficiaries whenever you die. The premium is level for life, and the policy builds a cash value that grows on the schedule in the contract.

You can borrow against the cash value or surrender the policy for it. A loan that isn't repaid, with its interest, is taken from the death benefit, and surrendering ends the coverage, so both are worth talking through first. Some whole life policies also pay dividends, which aren't promised and depend on the carrier's results.

Who whole life is for

• People who want coverage that lasts for life, not just the working years.
• Parents and grandparents who want to leave a set amount to family.
• Anyone who wants a premium that stays the same for as long as they live.
• People who value a cash value that builds slowly and predictably.

What it helps cover

Because it never expires, whole life is often used for costs that come at the end of life, whenever that is: final expenses, an estate to settle, a mortgage that outlasts a term policy, or money set aside for children and grandchildren. The benefit is paid to your beneficiaries, who decide how to use it.

Why work with an independent agency

Whole life policies differ in price, in how quickly the cash value grows, in the riders they offer, and in how each carrier treats health conditions. We compare the carriers you qualify with and show you the premium, the death benefit and the cash value table side by side before you apply. The carrier makes the final decision.