What it is
Whole life insurance is permanent coverage designed to remain in force when required premiums are paid. Policies may build cash value and are often considered for long-term protection and legacy goals.
Potential uses
- Lifelong death-benefit protection
- Legacy and estate-planning conversations
- Cash-value accumulation over time
Things to consider
- Premiums are generally higher than comparable term coverage
- Accessing cash value can reduce policy benefits
- Policy guarantees depend on the issuing insurer and contract terms