Whole life insurance is permanent coverage designed to stay in force for your entire life, with a level premium and cash value that can build over time.
Whole life insurance is a type of permanent life insurance. Unlike term coverage, which lasts a set number of years, whole life is designed to remain in force for your entire life as long as premiums are paid.
A portion of each premium goes toward a cash value component that can grow over time on a tax-deferred basis. Many whole-life policies also allow policy loans against that cash value, though the available options depend on the policy and carrier.
Whole life is often chosen by people who want certainty: a premium that's designed not to change, a benefit that doesn't expire, and a policy that can build value over the decades. It tends to cost more than term insurance for the same benefit, in exchange for that permanence.
Term life covers a defined window at a lower cost; whole life covers your entire life and builds cash value, at a higher cost. Neither is universally "better." The right choice depends on your goals, your budget, and how long you need the coverage to last.
When you're ready, someone from our team will help you compare the two side by side for your situation, with no pressure and no obligation.
It's designed to stay in force for life as long as the required premiums are paid. The specific guarantees depend on the policy and carrier.
Many whole life policies let you borrow against the accumulated cash value while you're living, though doing so can reduce the benefit. The details vary by policy and carrier. Someone from our team can explain how it works.
Term life covers you for a set number of years and then typically expires, while whole life is designed to last your entire life and can build cash value over time. Term usually costs less for the same benefit; whole life costs more in exchange for lifelong coverage. Which fits best depends on your goals and budget.
Whole life is priced to provide lifelong coverage and to build cash value, so for the same benefit amount it generally costs more than term life, which only lasts a set period. Your actual premium depends on your age, health, and the coverage you choose.
Cash value is a component that can grow over time on a tax-deferred basis as you pay premiums. Access to it (for example, through a policy loan) varies by policy and carrier and can reduce the benefit. Someone from our team can explain how a specific policy works.
Someone from our team will reach out to understand your goals and help you compare coverage. There's no cost and no obligation to apply.
Answer a few quick questions and someone from our team will reach out to help you compare coverage, free and with no obligation.
Find my coverage →