Whole life insurance

Insurance

What is

Whole life insurance

Insurance?

What Is Whole Life Insurance?

Whole life insurance provides permanent death benefit coverage for the life of the insured. In addition to paying a death benefit, whole life insurance also contains a savings component in which cash value may accumulate on a tax-advantaged basis. These policies may be known as “traditional” life insurance.Whole life insurance policies are one type of permanent life insurance. Universal life, indexed universal life, and variable universal life are others. Whole life insurance is the original life insurance policy, but whole life does not equal permanent life insurance.

KEY TAKEAWAYS

  • Whole life insurance lasts for a policyholder’s lifetime, as opposed to term life insurance, which is for a specific amount of years.
  • Whole life insurance is paid out to a beneficiary or beneficiaries upon the policyholder’s death, provided that the premium payments were maintained.
  • Whole life insurance pays a death benefit, but also has a savings component in which cash can build up.
  • The savings component can be invested; additionally, the policyholder can access the cash while alive, by either withdrawing or borrowing against it, when needed.


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  • Uninsured motorist coverage (UM) is an add-on coverage for auto policies that will pay for injuries and damages caused by an uninsured driver.
  • Hit-and-run drivers are also considered uninsured motorists.
  • Uninsured motorist coverage usually adds only a small cost to an auto insurance policy but provides beneficial coverage.

Here are some impressive metrics.

20%

Avg. Savings Rate

$400/yr

Avg. Savings

80

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