Whole Life

Life insurance may be one of the most important purchases you’ll ever make. In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs like your children’s education or even protect your spouse’s retirement plans.

There are several types of life insurance. How much you need and what type is right for you depends on your needs and circumstances.

Whole Life Insurance

Whole life insurance does not end after a specified term. As long as you pay the premiums, your beneficiary will receive a death benefit when you die. Unlike most term insurance policies, a whole life insurance policy builds cash value accumulation. It can be initially more expensive than term life.

Whole life insurance has advantages and disadvantages.

Advantages

  • Builds cash value
  • Level premium payments
  • Option for a reduced paid up policy

Disadvantages

  • You may not decrease your premium payments
  • Your premium frequency is not flexible
  • You cannot increase your death benefit