Life Insurance
Whole Life Insurance
Whole life insurance is permanent coverage designed to last your entire life, with premiums that typically stay level and a cash value that builds over time.
How it works
As long as premiums are paid, whole life coverage stays in force for life. The death benefit and premium are generally set when the policy is issued.
Whole life policies build a guaranteed cash value. Depending on the policy, that value may be borrowed against or accessed later.
Because it is designed for life, whole life costs more than term for the same coverage amount — so it works best for genuinely lifelong needs.
Things to consider
Long commitment
Premiums are paid for many years. Make sure the plan fits comfortably for decades, not just today.
Cash value
Cash value grows slowly at first. Understand how and when it can be accessed before relying on it.
Payment period
Some policies let you pay over a shorter period (for example 20 years) for lifelong coverage.
Pairing with term
Many households combine a smaller whole life policy with term coverage for the high-need years.
Frequently Asked Questions
Is whole life better than term?
Neither is better in general. Term suits needs with an end date; whole life suits lifelong needs. Many people use both.
What is cash value?
A value that accumulates inside the policy over time. How it works depends on the policy and should be reviewed with a licensed advisor.
Other types of life insurance
Term Life Insurance
Coverage for a set period, usually at the lowest cost.
Participating Whole Life Insurance
Whole life coverage that may pay dividends.
Universal Life Insurance
Permanent coverage with flexible premiums and an investment component.
No-Medical & Guaranteed Issue Life Insurance
Simplified coverage without a medical exam.
Mortgage Life Insurance
Coverage built around paying off your home.
Joint Life Insurance
One policy covering two people.
This page provides general educational information only and is not personal financial advice. Coverage availability and terms depend on the insurer and your individual circumstances.
Protecting Your Future Starts With Understanding What You Need.
Have a free, no-obligation conversation with a licensed advisor — get your questions answered before you decide anything.