Whole Life Insurance

Whole Life Insurance, For Guaranteed Lifelong Coverage

Whole Life insurance is one of the most popular forms of permanent life insurance, and is characterized by a fixed premium, meaning the premium or rate you pay will not fluctuate. Whole Life is considered a no-frills form of permanent life insurance; simple, lower premiums, and as the name suggests, lifelong coverage.

Like many other permanent life insurance policies, whole life insurance policies tend to accrue cash value through a savings component; however, the policyholder does not have control over how and where the money is invested or used.

  • Lifetime Coverage: Insures you for your entire lifetime
  • Guaranteed Benefits: Guaranteed death benefits, regardless of market performance
  • Fixed premiums: Your premiums are guaranteed, meaning they won’t fluctuate
  • Guaranteed Cash Value: Tax deferred cash value that increases with time

Differences From Other Permanent Life Insurance

Whole life insurance has many additional benefits over other Permanent Life insurance products—namely its guarantees. This is also one of the reasons that Whole Insurance is generally more costly than other types of permanent policies: The premium, the cash value, and death benefits are all guaranteed.

Whole Life & Other Permanent Life Insurance Compared
 WholeParticipatingUniversalTerm 100
Lifetime CoverageYesYesYesYes
Guaranteed PremiumsYesYesNo – Can increase or decrease to suit your budgetYes
Savings ComponentYesYes – Dividend is based on the insurance company’s performanceYes – Investment portfolio is customizableNo
Cash ValueYesYesYesNo
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Deciding what type of permanent life insurance best suits you and the needs of your loved ones can be tough, particularly because of the complexities of each different kind of policy, and the coverage that each affords. Speak with an experienced life insurance broker can help you find the type of policy that is most appropriate for you, whether it be whole life insurance or another option.

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