Whole Life Insurance

What is whole life insurance?

Whole life insurance is a type of permanent life insurance, meaning coverage lasts your entire life. Whole life insurance policies offer a savings component built in that grows cash value at a fixed rate over time. The cash value grows at a guaranteed rate of return, and your premium is locked in for life as long as you keep up with payments.

What are the benefits of whole life insurance?

Whole life insurance is a popular and risk-averse type of permanent life insurance, offering lifelong coverage, a fixed premium and death benefit, and a cash value savings component that you can borrow against or even use to pay your premiums.

Guaranteed cash value growth

Fixed, consistent premiums

Guaranteed death benefit

How does whole life insurance differ from term life insurance?

Some policyholders choose whole life insurance over term life because it offers lifelong coverage and an additional financial resource, due to its cash value. Here's a quick comparison to help you determine if whole life is right for you:

Whole life insurance

  • Coverage lasts your entire life
  • Cash value component that grows at a fixed rate
  • Higher premiums
  • Requires medical exam

Term life insurance

  • Coverage is temporary (a set number of years)
  • No cash value component
  • Lower premiums
  • No-medical-exam options

Still wondering which is right for you? Learn more about term vs. whole life insurance.

Commonly asked questions about whole life insurance

How much does whole life insurance cost?

How long does it take for whole life insurance to build cash value?

How long do you have to have whole life insurance before it pays?

What is the difference between whole life and universal life insurance?

Learn more about whole life insurance

Explore more life insurance tips and resources.

Check out whole life policy options from leading life insurance companies

Get a quoteOr, call 1-855-627-1883