Whole Life Insurance
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Whole Life Insurance

Unlike Term insurance, as the name implies, Whole Life Insurance is designed to cover the whole lifespan of the insured. Whole Life plans can be viewed as part of a retirement plan, as the benefits can be withdrawn before the insured is still living. These plans are often guaranteed premiums, cash value and death benefits.

Key Points of Whole Life Insurance

  • Premium rates can be locked in, so payments stay the same each year regardless of changes in health and age
  • Some plans offer coverage as long as to age 121 years old
  • Investments into Whole Life plans are tax-deferred and can be borrowed against