Whole Life Insurance
Whole life insurance also known as Permanent Life Insurance means that the insured will be covered for the duration of their life as long as the monthly premiums are paid on time. Like most permanent life insurance policies, whole life also offers a savings component called “cash or surrender value.
WHAT ARE THE BENEFITS OF WHOLE LIFE INSURANCE?
- Your premiums are fixed and will never go up, regardless of market conditions.
- You may be able to withdraw funds or take out a loan.
- Your death benefit is guaranteed as long as you make the required premium payments
WHOLE LIFE INSURANCE PROVIDES FIXED PREMIUMS AND FIXED DEATH BENEFIT
In most cases, the premium and death benefit stay constant for the duration of a whole life insurance policy. A universal life insurance life insurance policy, on the other hand, may offer the option to adjust your premiums or death benefit over time.
Because whole life insurance gives you fixed premiums and a fixed death benefit, you won’t have to worry about increased premiums as you get older. And, your loved ones will also know how much to expect when your life insurance benefit is paid out after you pass away.