Whole Life Insurance provides a benefit on the death of the insured. This is a type of permanent life insurance, so you don’t have to worry about losing your safety net as you get older. One of the advantages of this type of policy is the cash value. As you make your payments over time, the cash value of the policy increases. In fact, you can even borrow against it or draw on it for retirement. This insurance provides protection for life as the policy neither expires nor loses its value and the rate you pay is locked in. Plus, the death benefit to your loved ones is guaranteed. Unless otherwise specified, plans pay dividends and contain guaranteed cash values. Life insurance (death benefit) amount remains level over the lifetime of the certificate.

We recommend that heads of families purchase this insurance when you are younger and healthier because it requires a medical history. The older you are, the higher the cost of the policy premium will be. If a medical problem arises, you will not be able to qualify. This type of policy will help pay for medical expenses when you are older and help cover end-of-life costs. Whole life permanent insurance has cash value, will increase each year and is equal to the premium.