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 whole life. Whole 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 permanent/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

Advantage of Whole Life Insurance

Whole 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.

What Whole Life Insurance does for you

Whole life insurance provides financial security for you and your family at a cost that you can afford. Whole life insurance can :

Provide an immediate infusion of cash for an estate

Pay final expenses such as funeral or unpaid taxes

Provide an income for your loved ones

Pay off your outstanding debts – mortgages, business loans and taxes

Ensure a comfortable living standard for those you leave behind

Next Step

 Your decision should be made with the help of someone who really understands the product.