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Whole life insurance is a type of permanent life insurance that never expires as long as you keep paying premiums.
Unlike term life insurance, it also builds cash value you can borrow against while you're alive.
But the "lifetime coverage" component of whole life insurance could mean much higher premiums.
Let's break down how whole life insurance works and when it makes sense.
Lifetime, as long as the policy remains in force People who need lifelong coverage or want cash value Learn more:Most common types of life insurance explained Whole life insurance is the most common type of permanent life insurance.
It's sometimes referred to as ordinary life insurance or straight life insurance.
Unlike term life insurance, which only pays a death benefit if you die within a specific number of years, whole life policies and other forms of permanent life insurance will pay a death benefit no matter when you die as long as your policy remains in force.
These policies also have a cash value component that grows over time.
There are a few important differences between whole life policies and other types of permanent life policies, like universal life insurance and variable life insurance: Whole life insurance has a guaranteed death benefit.As long as you make your premium payments, your loved ones will receive a death benefit when you pass.
Universal life and variable life policies offer long-term financial protection, but the death benefits aren't guaranteed.
Cash value grows at a guaranteed rate.With universal life and variable life, cash values fluctuate based on market conditions.
| Product | Price | Change |
|---|---|---|
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| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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