Whole Life Insurance is also known as Permanent Life Insurance. In a whole life insurance policy, as long as the policy owner or insured continues to pay the insurance premiums, the policy does not expire for a lifetime. A Whole Life Insurance policy will allow accumulation of cash value at a minimum interest rate. The whole life insurance premiums usually remain the same or level, with the death benefit paid to the beneficiary being nontaxable. Whole Life Insurance is a great way to establish life insurance protection for the entire life of the insured and providing a death benefit to the beneficiary regardless of the policy age. A whole life insurance policy does not have an expiration date like a term life insurance policy will.

Whole Life Insurance is a way to provide your family/dependent/beneficiary with financial security cover during your entire lifetime and even after your death. Deciding this amount will depend on several parameters including your current financial situation, age, health status and many more. Use our life insurance calculator to estimate your whole life insurance coverage amount.

In the first few years, the premium rates of whole life insurance policies are usually higher as compared to term life insurance policies but they would be much lower than the cost of term insurance after renewal in later years. Another advantage of whole life insurance over term life is that it can eventually become paid up, meaning that you might no longer be required to pay premiums. Premiums in this case are based on your age, so the younger you start your policy the better. On the other hand, the whole life insurance policy doesn't offer the flexibility to invest in different accounts or distribute the money among different accounts. It is also not flexible enough to adjust the premium or face amount of the policy.