
Whole life insurance
Whole Life – Whole life insurance provides coverage for the life of the insured. In addition to providing a death benefit, whole life also contains a savings component where cash value may accumulate.
- Whole life insurance lasts for a policyholder's lifetime, as opposed to term life insurance, which is for a specific amount of years.
- Whole life insurance is paid out to a beneficiary or beneficiaries upon the policyholder's death, provided that the premium payments were maintained.
- Whole life insurance provides a death benefit but also a savings component, where cash can build up.
- The savings component can be invested; additionally, the policyholder can access the cash while alive, by either withdrawing or borrowing against it, when needed.
- Some guarantee options available for anyone working.