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Whole Life Insurance is a form of life insurance that offers coverage for your entire life, as long as you continue to pay the premiums. Whole life insurance allows you to protect your family and loved ones in the event of your death.

    Key Benefits of Whole Life Insurance

  • May accumulate tax-deferred cash value
  • Premium never increases
  • Provides lifelong protection
  • Guaranteed death benefit
  • Cannot be revoked, reduced or cancelled
  • You can borrow against your cash value*
  • *Withdrawal of cash value may result in termination of coverage or reduced death benefit.

Whole Life Insurance

Coverage for Life with Fixed Premiums

One of the biggest reasons why people buy a whole life insurance policy instead of term life insurance is because a whole life policy accumulates cash value and lasts a lifetime. In addition to being entitled to the death benefit, you are building a guaranteed cash account that earns interest because a portion of your premium is invested by your insurance company.

How Whole Life Insurance works

Your monthly premium for a whole life insurance policy stays the same through the life of the contract, making it a more affordable option for those who want life insurance coverage for years to come. And, unlike term insurance, a whole life policy is a permanent policy — it will provide coverage through your entire lifetime. If you ever stopped making premium payments, you could surrender the policy and receive full cash value of your policy. You will need to review the terms of your contract closely to determine the available options.

The difference between Whole Life Insurance & Term Life Insurance

As compared to term life insurance, whole life insurance is permanent and you never need to re-qualify medically to continue your coverage. Also, whole life insurance premiums stay level whereas term life insurance premiums increase as you get older.

Protection of Whole Life Insurance

Financial security after a devastating loss

Laurie, a single mom, had a whole life insurance policy in force since the mid-80s because she knew there was value in having such a policy. When Laurie needed cash to buy a new car and pay for her daughter’s Make-A-Wish trip, she wanted to cash out and cancel her policy. Laurie’s agent cautioned against cancelling the policy and suggested getting a loan against the policy instead.

Laurie got injured in a traffic accident and was unable to walk or work for a period of time. Her life insurance policy’s disability waiver covered her premium payments. A few years later, Laurie died in a car accident. Find out what happened next.

Harsh consequences after a dropped policy

Jermaine lost his grandmother and his father within a week’s time, a devastating turn of events that left Jermaine struggling to find direction and handle the family’s finances. Jermaine’s father was in the National Guard and had a life insurance policy but he dropped it, leaving nothing behind for his children.

Find out how this family dealt with the financial blows and coped with the loss.

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