Whole Life
Whole life insurance is a type of permanent life insurance that provides coverage for the entire lifetime of the insured person, as long as premiums are paid. It offers a death benefit to beneficiaries upon the insured's death, along with a cash value component that accumulates over time. The cash value grows tax-deferred and can be accessed by the policyholder through withdrawals or loans during their lifetime. Whole life insurance premiums remain level throughout the life of the policy, providing predictability and stability. This type of insurance offers lifelong protection and can be used for estate planning.
