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Whole Life Insurance

A type of permanent life insurance, whole life insurance provides lifelong coverage with a guaranteed rate of return and premiums that stays the same. Whole life insurance also offers a savings component, enabling your policy to build cash value that lasts until you die.

Whole life policies are a good strategy if you’re aiming for financial certainty. Because whole life insurance can double as a tax-sheltered account, you have the option to borrow against it or leave a financial legacy to your beneficiaries. While term policies are designed to protect against relatively short-term expenses, they eventually expire; whole life insurance is permanent and can provide a guaranteed payout to your loved ones.

What Whole Life Insurance Covers

Whole life insurance is built to serve your long-range financial goals, including:

  • Estate planning
  • Retirement
  • Funeral and burial costs
  • Inheritance funds

Features of Life Insurance*

Whole life insurance coverage is typically more expensive than term life insurance but offers a variety of important benefits:

Permanent Coverage

Unlike term policies which can expire after 10 or 20 years, whole life insurance lasts until the policyholder passes away — as long as premiums are paid.

Guaranteed Policy Growth

Whole life insurance can help you save money as the cash value component grows each year. Cash-value policies work similar to a 401k, earning tax-free growth for policyholders, and can assist in saving for retirement. Additionally, the savings account component can increase your financial legacy as well as potentially pay for your premium payments. If you struggle to save money, a cash value life insurance policy can be particularly beneficial.

Level Premiums

You pay the same amount for your policy every month. Ideally, the payment amount becomes even more affordable as the years pass and the premium never increases.

Tax-Free Payouts

Whole life insurance policies typically provide a lump-sum, tax-free benefit to your beneficiary.

What Can Life Insurance Cover?

When you pass away, the beneficiary (or beneficiaries) on your life insurance policy is the recipient of your death benefit. The amount of money they receive depends on the plan you choose, but the funds can be paid in one lump sum and be used for various expenses:

Mortgage Debt

Life insurance could allow your family to payoff the mortgage on your home—this could be particularly important if they depend on you to make the monthly mortgage payment.

College Tuition

Tuition expenses for your family may be years away, but it’s important to factor in the cost of higher education for your loved ones when choosing a life insurance plan.

End of Life Costs

Death, unexpected or not, inevitably creates expenses for the deceased’s loved ones. Life insurance can be used to cover burial and funeral bills.

Daily Expenses

From grocery money and utility bills to credit card balances and daycare costs, a life insurance payout can help your family stay afloat when they’re suddenly without your income.

*Coverages and options may not be applicable to all carriers.

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