Whole life insurance is a form of permanent life insurance with a fixed or level premium that is usually payable for the entire lifetime of the insured.A life insurance contract with level premiums that has both an insurance and an investment component. The insurance component pays a stated amount upon death of the insured. The investment component accumulates a cash value that the policyholder can withdraw or borrow against.
In simple words whole life insurance policy pays a monetary benefit to the named beneficiary when the death of the insured happens, later or sooner, we all have to go one day and when ever that time comes, it would pay a lump sum benefit to family. Mostly whole life policy is advised to plan for final expenses, planning for taxes or estate planning, leaving legacy for the family or making a donation to a charity.
It comes with different premium options such as life pay meaning premiums need to be paid for life, limited pay options such as 10 pay, 20 pay or pay 65; respectively it means that policy would be paid up in 10, 20 or at age 65. After which no premiums need to be paid but the coverage would stay in force and would pay benefit at the time of death.
In case you have any specific question or concern please feel free to contact us and one of our licensed life insurance advisor will be more than happy to assist and answer your questions. Our Toll Free Number is 1-800-283-5467.