Whole life insurance lasts, as the name suggests, for your entire life. As long as you pay the premiums, your beneficiaries will be taken care of when you die. Plus, your policy will grow tax-free over time. This type of permanent life insurance is generally best for high earners and people with long-term financial obligations.
Purchasing whole life insurance is an easy way to financially protect your family without worrying about policy expiration dates. Like all life insurance products, whole life pays a tax-free death benefit to your beneficiaries upon your death. The biggest difference from other types of life insurance that it is permanent and lasts your entire life.
While most people will find term life insurance more affordable, the permanence of whole life coverage and special features – including a tax-deferred cash value component – make it a good choice for people with a high net worth or lifelong financial obligations.
Whether you’re ready to buy whole life insurance or just want to learn more, we’re here for you every step of the way. Our agents can walk you through the process, answer questions, and help you compare quotes so you can find the most affordable option for your needs.
