Life Insurance – Whole Life Insurance

Whole Life Insurance is a type of life insurance designed to provide coverage for your entire lifetime. Premiums will be higher for a whole life insurance policy over term life insurance because you also build up a cash value in the insurance policy.

Depending on the insurance company some whole life policies require you to pay premiums throughout your lifetime while other whole life insurance policies only require you to pay a premium over a certain number of years. 

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The actual insurance cash value that is built up is different from face value amount, the amount that is paid at death. To have access to the cash savings value you have to either take a loan out against the policy or cash the policy in and collect the cash value that has built up.

While the cost of whole life insurance is more than term life insurance the premiums you pay for a whole life insurance policy doesn’t change over the your lifetime. Whole life insurance is also known as straight life insurance, ordinary life insurance or traditional permanent insurance.

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