Do I Need Whole Life Insurance?

Whole life insurance is a life insurance policy that is designed to do just what its name says: protect you throughout your "whole" life for however long that may be. This differs from term life insurance which ends after a specified period, such as 10 or 20 years.

Whole life insurance has the added benefit of you not having to worry about your premiums going up during the life of the policy. So no matter how old you are when you start, when your policy matures, the rates will be the same as they were on the first day you signed onto the policy.

If you are covered by a whole life insurance policy, when you die, your beneficiaries are a paid a cash benefit amount as specified in your policy as long as it is in good standing. In addition, with whole life insurance, there is a cash-value account that is also paid into along with the premiums on the policy that becomes payable to your beneficiaries upon your death.

Benefits of Whole Life Insurance

Whole life insurance can be more expensive than term life insurance as far as premiums go, but the reward for paying the higher premiums include having the cash value account that you can tap into at various times if needed, the potential for additional payout upon your death, the possibility of not having to pay premiums any longer after a period of time, and the assurance that your premiums will not go up over time regardless of any change in your health or financial situation. For more tips, read through the life insurance tips page we have provided.