Whole Life

What is "Whole Life" insurance?

Whole life insurance is a type of life insurance that provides coverage for the entire life of the insured person. It also has a savings component that accumulates cash value over time.

With whole life insurance, you are guaranteed lifetime coverage. This type of life insurance is great for someone who is primarily concerned with creating a lifetime insurance policy. Some other products, such as Universal Life, focus more on building the savings component of the policy. Whole life is primarily purchased for the guaranteed lifetime death benefit.