Whole Life Insurance

Whole life insurance covers you for your entire life — not a fixed term. Premiums never increase, the death benefit can't be reduced, and the policy builds cash value you can borrow against.

When whole life makes sense

• You want lifelong coverage rather than a term that expires.
• You want a savings component (cash value) inside the policy.
• You want predictable, level premiums for life.
• You're using the policy for estate planning or final-expense purposes.

Trade-offs

• Significantly more expensive per dollar of coverage than term life.
• Cash value grows slowly in the first 5–10 years.
• Borrowing against cash value reduces the death benefit until repaid.