Talk to an advisor to see if whole life insurance is right for you.

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Here’s what you can expect from a whole life insurance policy.

Your family or beneficiaries will get a tax-free death benefit.

Most policies include cash value.

It stays in effect throughout your life, no matter your age or health.

Your premiums will stay the same over time.

Looking for financial protection for the people who depend on you?

Whole life insurance (also known as permanent life insurance) might be the answer. It’s a life insurance policy that stays in effect for as long as you live, no matter your age or health. It can also help give your family financial assistance after you die.

Here’s how it works: buying a whole life insurance policy means your beneficiaries will get a tax-free death benefit after you die.

The death benefit is the amount of money paid to them after you die. The exact amount they receive depends on how much coverage you buy. 

Your beneficiaries can then use this money to cover expenses like:

  • funeral costs,
  • child care and tuition,
  • estate and legal fees,
  • outstanding debts,
  • bill payments and
  • any other expenses.

Whole life insurance also comes with cash value, which is the part of your policy that earns interest. Cash value works like equity in your home: it grows over time and you can borrow directly against it or use it as collateral for a loan.

Frequently asked questions

Yes, it’s the same.

Both term and whole life insurance offers a tax-free death benefit to your beneficiaries after you die. But under a term policy, you’re only covered for a set amount of time (e.g. 5, 10 or 15 years). So if you died after this time, your beneficiaries won’t get the proceeds. You can renew the policy when your term ends, but your premiums may be higher after renewal. With a whole or permanent policy, however, you’re covered for life and your premiums are usually guaranteed to stay the same. Learn more about the difference between term life insurance and whole life insurance.

If you’re looking for lifelong protection and want to leave money behind to your loved ones after you die, then this type of insurance may appeal to you. Whole life insurance stays in effect throughout your life, no matter your age or health. 

Yes, there are other types of permanent policies such as participating life insurance and universal life insurance. Both participating and universal insurance offers lifelong protection with investment options. You can look through all your options with an advisor. An advisor can help you build life insurance into your overall plan. Here’s how to find an advisor you can trust.

No, you can’t convert a whole life policy. However, if you have term life insurance, you may convert it to a permanent policy upon renewal.

Got questions? We’re here to help with our great advice. 

An advisor can help you:

  • figure out which insurance options are right for you,
  • how much insurance you need to protect yourself and your loved ones, and
  • answer any questions or concerns you may have. 

Most advisors now offer to talk to Clients by phone or video chat. Find an advisor today.