Whole Life Insurance

A whole life insurance policy will cover you for your entire life and can be useful when paying for all the expenses that arise when someone passes, such as funeral costs, estate planning, medical care and financial protection for the surviving spouse. Payment is guaranteed, provided policymakers meet the monthly premium obligations.

Premiums for these policies are typically higher than those of term life plans, however the flexibility that financially savvy customers enjoy with whole life plans make them worthwhile. There are also plans that allow policyholders to adjust their premiums upwards to receive a bigger death benefit, or take advantage of the policy’s cash value in other useful ways. Dividends are paid on some whole life plans that can either add value to the death benefit or are received as cash. Additionally, other plans allow policy owners to withdraw money directly from the policy or take out loans against its value, and the death benefit is tax-free when it is paid out.

Whole life policies often come with an assortment of riders that provide additional special features, which vary by provider. A common rider is the ability to accelerate benefits when the policy owner falls ill, helping cover medical expenses and other long-term care needs.

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