Whole Life Insurance is a type of permanent life insurance designed to provide lifelong coverage as long as premiums are paid according to the policy terms. It can provide a death benefit for beneficiaries and may include a cash-value component that accumulates over time.
The policy’s benefits, premiums, cash-value growth, guarantees and access features depend on the specific contract. Policy terms, conditions and applicable provisions determine what the policy provides.
You pay premiums as agreed.
Provides a death benefit to your beneficiaries.
May build cash value over time.
Designed for lifelong protection.
Designed to provide permanent life insurance protection, subject to the policy terms and required premium payments.
Provides a death benefit for beneficiaries according to the policy contract.
May accumulate cash value over time, depending on the policy provisions.
Whole Life policies commonly use a structured premium approach; exact premiums and provisions depend on the policy.
May form part of a long-term financial or estate-planning strategy, depending on individual goals and circumstances.
| FEATURE | WHOLE LIFE INSURANCE | TERM LIFE INSURANCE |
|---|---|---|
| Coverage Duration |
Designed for lifetime coverage
(while policy remains in force) |
Coverage for a specific term
(10, 20, 30 years, etc.) |
| Cash Value | May include cash-value component | Generally does not include cash value |
| Premium Structure | Typically level premiums | Typically lower premiums for a term period |
| Death Benefit | Death benefit provided according to policy terms | Death benefit provided during the term |
| Primary Concept | Long-term protection | Temporary protection |
People who want to explore permanent life insurance rather than coverage limited to a specific term.
Families considering long-term financial goals and protection needs may explore permanent coverage.
People who want to compare lifelong coverage with temporary insurance may consider Whole Life.
People interested in a policy with a cash-value component may want to understand how Whole Life works.
Individuals with long-term protection, estate or financial-planning objectives may discuss whether Whole Life fits their circumstances.
how much life insurance protection may be appropriate for your needs.
what you want the policy to accomplish over time.
whether the required premium fits your budget over the expected policy period.
how the policy's cash value works and what access options are available.
understand guarantees, limitations, exclusions, charges and other provisions
Whole Life Insurance is a type of permanent life insurance designed to provide lifelong protection as long as the policy requirements are met. It may also include a cash-value component. Benefits and features depend on the specific policy.
You pay premiums according to the policy agreement, and the policy provides life insurance protection and a death benefit according to its terms. A Whole Life policy may also build cash value over time, depending on its provisions.
Cash value is a component of some Whole Life policies that may accumulate value over time according to the policy provisions. Depending on the policy, it may be accessed through loans or withdrawals, which can affect policy values and benefits.
Whole Life Insurance is designed for permanent coverage and may include a cash-value component. Term Life Insurance generally provides coverage for a specified period and generally does not include cash value. Features, premiums and provisions vary by policy.
People seeking permanent life insurance, long-term protection, a cash-value component or support for certain long-term financial goals may want to explore Whole Life Insurance. Whether it is appropriate depends on individual needs, budget, goals and policy features.
We'll help you explore options and understand what
may be right for your goals, budget, and long-term needs.
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