Today, insurance shoppers have a great deal of choice when it comes to the policies from which they can choose. For virtually any person with any number of dependents, varying needs and budgets, there is a type of life insurance that will adequately cover them and those they seek to protect.
In your search for life insurance, you may have come across whole life insurance. What is whole life insurance, you might ask? Whole life insurance is a type of permanent life insurance whereby the insured will be covered by their policy, no matter when they die, as it’s a policy that will last your entire life. This is unlike term life insurance where the insured chooses a specific term and must die within that term for their beneficiaries to be paid the death benefit.
There are other features of a whole life policy that differ as well, such as a whole life policy builds cash value over time. In fact, if the insured lives to be 100 years old, their insurance provider will pay them the cash value of their policy. For some people, this is reason enough to motivate them to buy a whole life insurance policy.