WHOLE LIFE INSURANCE
Lifetime protection designed to be there when your family needs it.
Whole life insurance is permanent coverage designed to remain in force for your lifetime as long as required premiums are paid and policy requirements are met.
It can provide a death benefit for your beneficiaries while also building cash value over time.
Why Consider Whole Life Insurance?
Lifetime Coverage
Unlike term insurance, whole life is designed to provide permanent protection rather than coverage for a specific number of years.
Death Benefit
Provides a death benefit to your beneficiaries when the insured passes away while the policy is in force.
Cash Value
A portion of the policy's value can accumulate over time according to the terms of the contract.
How Does Whole Life Insurance Work?
1. Choose Your Coverage
Determine the amount of life insurance protection appropriate for your needs.
2. Pay Your Premiums
Whole life policies generally have scheduled premiums established by the policy.
3. Build Cash Value
The policy can accumulate cash value over time according to its guarantees and policy terms.
4. Leave a Death Benefit
When the insured dies while coverage is in force, the applicable death benefit is paid to the beneficiaries.
What Can Whole Life Insurance Help With?
Family Protection
Help provide financial support for loved ones.
Final Expenses
Help with funeral, burial, and other end-of-life expenses.
Outstanding Debts
Provide beneficiaries with money that may help address remaining financial obligations.
Financial Legacy
Leave money behind for children, grandchildren, or other beneficiaries.
Cash Value
Build policy value that may be accessible during your lifetime through withdrawals or policy loans, subject to the contract.
What Is Cash Value?
What Is Cash Value?
Whole life insurance can build cash value as the policy remains in force.
Depending on the policy, the owner may be able to access available cash value through policy loans or withdrawals.
But we should educate instead of oversell it:
Loans and withdrawals can reduce cash value and the death benefit and may have tax consequences or cause the policy to lapse in certain circumstances.
Want to understand how cash value works?
TALK WITH A LICENSED PROFESSIONAL
Is Whole Life Insurance Right for You?
Parents
Looking for permanent protection for their families.
Grandparents
Interested in leaving money to children or grandchildren.
Final Expense Planning
People who want funds available for funeral and other end-of-life expenses.
Legacy Planning
People who want to leave a death benefit to beneficiaries.
Permanent Coverage Seekers
People who don't want their coverage designed to expire after a set term.
Whole Life FAQ
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Whole life insurance is a form of permanent life insurance that can provide lifetime coverage and build cash value, subject to the policy's terms and required premiums.
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Whole life is generally designed to remain in force for the insured's lifetime, provided required premiums are paid and the policy remains in force.
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Yes. Whole life policies generally accumulate cash value according to the guarantees and terms of the specific contract.
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Policy owners may be able to access available cash value through policy loans. Loans generally accrue interest and can reduce policy values and the death benefit.
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Whole life generally has higher initial premiums than comparable term coverage because it provides permanent coverage and includes cash-value features.
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Whole life is commonly used for final-expense planning because it can provide permanent coverage when appropriately maintained.
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Neither is universally better. Term may be appropriate for temporary protection at a generally lower initial cost, while whole life may be appropriate when permanent coverage and cash value are priorities.
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Can whole life insurance have living benefits?
Protection Designed to Last a Lifetime.
Your life insurance should fit your family, goals, and budget.
Speak with a licensed insurance professional to understand your options and determine whether whole life insurance may be appropriate for you.