Whole Life Insurance

Whole life Insurance is guaranteed to remain in force for the insured’s entire life as long as premiums are continued to be paid or until the policy’s maturity date. Due to the policy guarantee to last the insured’s entire life, the premiums will be much higher than a traditional term life policy. But with that, premiums are fixed and do not increase with age. With coverage guaranteed for the insured’s entire life, the beneficiary will eventually be paid a death benefit if the policy is not cancelled, and premiums are paid to keep the policy in force. This allows the insured to leave a legacy to their family members without delay or worry because the death benefit will not be taxed, nor held up in probate court. Policies that fall underneath this category are cash value & dividend paying whole life, universal life, and variable life policies.