Whole Life Insurance
Looking for Whole Life Insurance?
Whole life insurance, sometimes called straight life or ordinary life, is a life insurance policy that stays in effect for the policyholder’s entire life. The death benefit can help replace the loss of income of the deceased. It can also help with mortgage costs or educational expenses. Over time, the whole life insurance policy builds a cash value that grows tax-deferred. This can be accessed during your lifetime. With whole life policies, you can get coverage for your entire lifetime, but only pay premiums for a set period of time. Because of this, the premiums are usually higher than term life insurance policies.
There are different ways you can pay for whole life insurance. This decision can be made based on your current income. First, you’ll need to find out how much life insurance is enough to cover your family in the event of your death. Use our calculator to find out.