Whole life covers you for your whole life, as long as you pay. It also builds cash value over time.
Who it fits
People who want coverage that never runs out and a set price, and can afford higher payments.
- Who buys it
- Any age
- Medical exam
- SometimesDepends on age, amount and company
What to know before you buy
It stays in place for life as long as you pay premiums.
Premium and death benefit are usually set to stay the same.
Cash value builds over time. You may borrow against it or take it out under some rules.
Premiums are higher than term. You get less coverage for the same money.
Policy loans you do not pay back can lower the death benefit.
Some whole life pays dividends, but they could be lower than projected.
Common questions
Is whole life better than term?
It lasts for life and builds cash value, but it costs more. Term costs less for a set time.
Can I use the cash value?
Often yes, as a loan or a withdrawal. Loans can lower what your family gets.
Will my price go up?
In traditional whole life, the premium is usually designed to stay level.
