Whole Life Insurance
Whole life is permanent coverage. It does not expire, the premium never changes, and part of what you pay accumulates as cash value you can borrow against. It costs considerably more than term for the same death benefit, and it is bought for different reasons: certainty, legacy, and the cash value component.
- Lifetime coverage guaranteed
- Builds cash value over time
- Fixed premiums forever
- Tax-advantaged growth
- Loan against cash value
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What to know about whole life insurance
Who it's for
People who want coverage that is guaranteed to be there regardless of how long they live, and who are planning around estate transfer, a special-needs dependent, or leaving a specific amount behind.
How the cash value works
A portion of each premium builds cash value that grows tax-deferred. You can borrow against it, though outstanding loans reduce the death benefit if they are not repaid.
What it costs
Meaningfully more than term for the same face amount, because you are funding lifetime coverage plus the cash value. The premium is fixed at issue and never rises.
Term vs whole life
If your need has an end date, mortgage, kids, working years, term is usually the better value. If the need is permanent, whole life is the product built for it. Many families end up owning both.
Whole Life Insurance — Common Questions
Straight answers about whole life insurance, how it's underwritten, and what it costs.
Is whole life insurance worth it?
It depends entirely on what you need it for. If your coverage need has an end date, term is usually better value. If you need guaranteed lifelong coverage, want to build cash value, or are planning around estate transfer, whole life is the product designed for that.
How does cash value work?
Part of each premium accumulates as cash value that grows tax-deferred. You can borrow against it during your lifetime, though any outstanding loan reduces the death benefit if it isn't repaid.
Do whole life premiums ever increase?
No. Whole life premiums are fixed at the time the policy is issued and remain the same for as long as you hold the policy.
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