Insurance type
Whole Life Insurance
Permanent protection with guaranteed cash value
Whole life insurance covers you for your entire lifetime, as long as premiums are paid. It combines a guaranteed death benefit with a cash value component that grows over time on a tax-advantaged basis. Whole life premiums are higher than term, but the policy never expires and builds equity you can borrow against or withdraw.
Key features
- Coverage for your entire lifetime
- Guaranteed cash value that grows tax-deferred
- Level premiums that never increase
- Potential to earn policy dividends (participating policies)
- Can be used as collateral for loans
Ideal for
- Estate planning and wealth transfer
- Covering final expenses and taxes
- Supplementing retirement income
- Leaving a guaranteed inheritance
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