Whole Life Insurance
What is whole life insurance?
Whole life insurance is known as a type of “permanent” or “cash value” life insurance. The policy provides coverage for your entire life. The cash value grows at a modest rate (with a guaranteed minimum) and premium prices are locked in for the duration of the policy. As long as you pay the premium, you’re covered and a death benefit will be paid to your beneficiary in the event of your passing.
who should get permanent whole life insurance…
People who will financially support someone else into old age or who have a high net worth could consider permanent whole life insurance, but most people only need term life insurance.
how much does permanent whole life insurance cost…
Permanent whole life insurance premiums depend on when you expect to fund the policy.
What are other types of permanent life insurance…
Universal life, variable life, variable universal life, and final expense insurance are other types of permanent life insurance.