Whole Life Insurance

Whole life insurance is a type of permanent life insurance that provides coverage for your entire life and includes a cash value savings component. Premiums remain fixed and a tax-free death benefit is guaranteed as long as you make your payments.

How Whole Life Insurance Works?

• Lifetime Coverage: The policy stays active until you die or reach a maximum age limit like 100 or 120, unlike term life which expires.
• Cash Value Component: Part of your payment goes into a savings account that grows at a guaranteed rate.
• Fixed Payments: Your price stays the same and will not go up as you get older.
• Policy Loans: You can borrow money from your accumulated cash value if needed.

Main Types of Policies

• Traditional: Fixed payments and guaranteed growth.
• Limited Pay: You pay for a set number of years (like 20 years), but coverage lasts forever.
• Single Premium: You buy the policy with one large lump-sum payment.