Whole Life

Whole life insurance is the traditional design of insurance that most of us think of when we consider life insurance. It provides a level, guaranteed premium with a guaranteed death benefit and guaranteed cash value accumulations. The cash values that accumulate can be borrowed from the contract if needed, for short or long-term needs – this can be a handy source of funds, but must be used with care, as these loans do impact the policy’s death benefit and can impact the policy’s viability. Whole life is generally one of the most expensive forms of life insurance due to its guarantees and its cash value accumulations.