Whole Life Insurance

Most life insurance is purchased to provide protection during a specific season of life. Whole life insurance is designed to provide protection for your entire lifetime, as long as the policy remains in force.

A whole life policy provides a death benefit and typically has premiums that are established when the policy is issued. It also builds cash value over time according to the policy’s guarantees. Dividend-paying whole life policies may receive dividends as well, although dividends are not guaranteed.

The cash value can generally be accessed during your lifetime through policy loans or withdrawals, subject to the policy’s terms. Loans and withdrawals can affect the policy’s cash value, death benefit, and other values, particularly if they are not repaid. Depending on how it is designed and funded, whole life insurance can provide both lifelong protection and a source of accessible cash value.

For some families, that combination makes whole life insurance part of a broader approach to protecting what they have today while planning for the generations that follow.

If you want coverage designed to last a lifetime, or you’re thinking about how to protect and pass on what you’ve built, taking time to understand how whole life works may be worthwhile.

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