Whole life insurance provides permanent and guaranteed insurance protection for the entire life.
Whole life insurance provides permanent and guaranteed insurance protection for the entire life. The premiums are usually level for the life of the insured and the death benefit is guaranteed for the insured’s lifetime. Locking in a premium while you are younger with Whole Life Insurance is the safest way to go. This policy also builds cash value that you can borrow against. Whole life Insurance allows you to borrow money against what you have already invested.
Advantages of Whole Life Insurance:
- Whole Life Insurance covers a whole life not a specific term period like Term Life Insurance.
- You can surrender the policy and get cash value in return.
- Guaranteed payout.