Whole Life Insurance

Whole life is a permanent life insurance product that guarantees coverage for a person’s entire lifetime as long as the premiums have been paid. Whole Life Insurance is a product that pays a beneficiary predetermined sum of money upon the death of the insured. The policies give a monetary benefit to pay off debt obligations, final expenses, and income replacement. Many insurance companies offer guaranteed cash value accounts along with non-guaranteed dividends. Cash Value accounts can usually be borrowed from and grow on a tax deferred basis. Dividends are paid based on company profitability. Whole life insurance companies usually offer the ability to add additional riders such as paid up additions, coverage for a spouse or children, options to buy additional insurance, and a waiver of premium for disability.