Whole Life Insurance That Fits Your Needs
Whole life or permanent insurance pays a death benefit whenever you die—even if you live to 100. It is the most common and least complex type of permanent life insurance, and will stay in place for the duration of your life regardless of your health. Premiums are fixed and won’t change. In addition to lifelong coverage, whole life insurance comes with a savings component that accrues cash value.
There are three major types of whole life insurance—traditional whole life, universal life, and variable universal life, and there are variations within each type.
- Traditional whole life is the most common type of permanent insurance policy in which you agree to pay a certain amount in premiums on a regular basis for a defined death benefit. Along with the death benefit, you will receive a savings account, which grows based on dividends the company pays to you.
- Universal/Adjustable Life offers a bit more flexibility than traditional. You may be able to increase your death benefit by passing a medical exam, the savings vehicle generally earns a money market rate of interest, etc.
- Variable Universal life combines investments risks and rewards with adjustable premiums and death benefits.
- Choose from variety of whole life policies.
- Ensure a death benefit whenever you die.
- Accrue cash value with an added savings component.
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Frequently Asked Questions
What is the difference between whole life insurance and term life insurance?
The main difference between term and whole life insurance is how long the coverage lasts, the different features, and the cost. Term life is temporary, can range from 5 – 40 years, and is most affordable. Whole life has lifelong coverage, a savings component that accrues cash value, and is more expensive because of the added features and length of coverage.
Is whole life insurance worth it?
Most people only need term life insurance. However, whole life insurance is most beneficial in the following situations:
- If you care for a loved one with a disability or special needs.
- If you have a large estate.
- If you are not financially disciplined.
- If you own a family business.
Can I get whole life insurance with no medical exam?
For the most affordable whole life insurance with the highest available protection, you will most likely be required to have a medical examination.