What is whole life insurance?

Life insurance will provide financial security and peace of mind to your loved ones when you pass. Whole life insurance is a type of permanent life insurance that provides coverage for your entire life as long as you pay your monthly premium. You will establish beneficiaries to receive the death benefit that can use for a variety of expenses from end of life fees to every day bills.

Whole Life Insurance Features

There are some features that make whole life insurance unique:

Lifetime coverage – with whole life insurance, your coverage lasts a lifetime and doesn’t end after a certain term. If you have a term life insurance policy, you may be able to convert it to a whole life insurance policy.

Set premiums – a whole life insurance policy comes with fixed premiums that won’t fluctuate while your policy is active. You will pay the same amount each month.

Cash value – unlike term life insurance, you have access to cash with a whole life insurance policy. Once you have made a certain amount of premium payments and a specified amount of time has been reached, you can borrow against your policy’s cash value.

Is Whole Life Insurance Right for Me?

There are benefits to whole life insurance, but it is also a more expensive option than term life insurance. Whole life insurance could be right for you if:

• You want lifetime coverage and the ability to borrow against your cash value
• You have the finances to pay for a more expensive policy as your premiums will be higher
• You want to build a savings
• You have complicated estate planning needs

When is the Best Time to Purchase Whole Life Insurance?

The best time to buy whole life insurance is when you are young and in peak health. Your premiums will be lower when you are young and healthy, and then they will be set for life.

Ready to buy whole life insurance? Request a free quote today.