
Whole life has a simple objective, to ensure your “whole” life, in other words, it will pay the benefits anytime during your whole life, regardless of how long you live. All you need to do is pay the premium.
Life insurance is a contract between an insured person (the policyholder) and the insurer. The premium pays for guaranteed benefits in case of death, but there are other features that can provide additional protection as well.
In exchange for fixed premiums, whole-life policies offer life insurance protection and tax deferral on growth by accumulating cash value with competitive interest rates.
In exchange for fixed premiums, an insurance company promises to pay a set...