Whole Life Insurance

In contrast to term life insurance, which covers you for a predetermined period, whole life insurance is a popular product for individuals looking for coverage that lasts for a significant period of time.

What is whole life insurance? Whole life insurance is a type of insurance product that protects you for your entire life. When you purchase a whole life insurance policy, you are purchasing coverage that continues uninterrupted – meaning that you do not need to worry about a term ending or having to renew the policy at a higher rate.

Pros: Aside from providing coverage for your entire life (a pro in itself), whole life insurance is flexible. Just because you chose a policy in your twenties, doesn’t mean that your goals and needs will be the same when you are 50, so most policies will give you the option to change things about the policy – you are not locked in. Additionally, your premiums remain the same over the course of the policy (unless you make changes), and as you pay into the policy that money gains value that can be borrowed against or cashed out in the future.

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Whole life insurance is a good option if you don’t want the hassle of dealing with renewals, etc., or if you want to accumulate some value from the policy. However, if you are looking for basic coverage or just want to have a policy in place for a short period of time while you settle in and establish yourself, term life insurance might be a better option.