Whole Life Insurance policies are referred to as permanent protection, since the coverage will continue for the life of the insured, so long as the premium is paid. The premium is bade on the issue age, and remains the same throughout the life of the policy. The death benefit is guaranteed and remains level for life. These policies can be useful for an individual who wishes to lock into a specific premium amount that will not change over his/her lifetime. Whole life policies can also build cash values, which the policy owner can borrow against, or is entitled to should the policy be surrendered. This cash grows tax deferred. In the event of the insured’s death, any outstanding loans and interest will be deducted from the policy face amount.

Types of Whole Life Insurance

  • Straight Whole Life
  • Limited Payment Whole Life
  • Single Premium Whole Life
  • Simplified Issue Whole Life