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Whole Life Insurance
What is Whole Life Insurance?
Whole life insurance is a permanent life insurance policy that provides coverage for the entire lifetime of the insured individual as long as premiums are paid as as agreed to in the contract. Unlike term life insurance, which offers coverage for a specific period of time, whole life insurance offers lifelong protection.
Overall, whole life insurance offers permanent protection, cash value accumulation, and a range of benefits that can help policyholders achieve their long-term financial goals and provide for their loved ones' future financial security.
Key features of a whole life insurance policy
It covers the insured for there entire life and pays a death benefit whenever the insured passes away.
The monthly premium is typically fixed and will remain the same throughout the life of the policy.
There is a cash value component which accumulates cash over the lifetime of the policy. This money can be accessed by the policy holder through withdrawals or policy loans.
Dividend payments are available with some life insurance companies. A dividend of the company's profits are paid to policy holders.
The death benefit is paid out tax-free and is income tax free.
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