What is Whole Life Insurance?
Whole Life Insurance is one of the most common types of permanent life insurance. With Whole Life Insurance policies, the cash value accumulates at a guaranteed interest rate, and typically, the policy owner may borrow against the cash value of the policy.
Why Choose Whole Life Insurance?
Some Whole Life insurance policies can produce excess credits, which can be used to purchase additional paid-up life insurance, increasing the available death benefit. Click here for information about Universal, Variable, and Variable Universal Whole Life Insurance.
Who Does Whole Life Insurance Benefit?
Beneficiaries are covered for the entirety of the policyholder?s life, which can be more comforting than the limited period of term life insurance. If the policyholder or their beneficiaries don?t file a claim, the money paid into the policy every month is not wasted ? it has a cash value that can be drawn on, so it functions as a sort of additional investment or savings vehicle.
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