Whole Life Insurance

Insurance that will always be there when you need it.

Whole life is a "set it and forget it" insurance policy.  It is known as "permanent" insurance as it will be there when you need it. The premiums (monthly/annual cost) will never change. Whole life costs more than term insurance but it will never expire.

With most whole life policies, the death benefit (the amount that your family receives upon death) will increase every year from the dividend connected to the policy.

Whole life also has a cash value which means that if you surrender the policy you will receive a lump sum of money that has been building up inside your policy.

Pros

• Permanent coverage

• Increasing death benefit

• Cash Surrender Value
  
  

Cons

• More expensive than term insurance