What is whole life Insurance?
Life insurance is an essential line of defense for your family in the case of tragedy. It can give them the time and resources they need to grieve and make a plan for the future.
Whole Life Insurance These policies include a standard death benefit coverage, and with cash value guaranteed on all premiums paid during an insured’s lifetime. Critical illness riders may also be offered as part of a whole life insurance policy.
The most common of life insurance products, whole life insurance guarantees payment of a death benefit to beneficiaries in exchange for level, regularly-due premium payments. The policy includes a savings portion, called the cash value, alongside the death benefit. In the savings component, interest may accumulate on a tax-deferred basis. Growing cash value is an essential component of whole life insurance.