What is Whole Life Insurance?

Whole Life Insurance is permanent life insurance coverage for as long as you live and continue to make premium payments.

With level premiums and the accumulation of cash values, whole life insurance is a good choice for long-range goals. The guaranteed cash values can provide money later on to help with temporary needs or emergencies.

Since premiums are level, the younger you are when you purchase a whole life policy, the less expensive the annual premiums will be.

Whole life insurance policies can earn dividends. Dividends result when our actual life insurance costs turn out to be less than  assumed in setting the life insurance companies premiums.  However, dividends are not guaranteed.

Unlike term life insurance, which does not accumulate any cash values, some of the money you pay into your whole life policy accumulates as guaranteed cash values. If you choose to surrender the policy, these guaranteed cash values would be available to you. Or, as long as the policy is in force, you may borrow against them as a policy loan at the current policy loan interest rate.

The amount of your guaranteed cash value depends on the kind of whole life policy you have, its size and how long you have had it. The growth in cash values is tax deferred under current federal income tax law. Borrowed amounts reduce the death benefit and cash surrender value.

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