Whole Life

Also known as “permanent insurance”, Whole Life insurance is guaranteed to remain in force for the insured’s entire lifetime, providing required premiums are paid or when the policy matures. The premiums will not increase and cannot be cancelled due to health or illness issues. Whole life not only offers a tax free death benefit to heirs, but also builds cash value which grows tax deferred. Interest is credited to the cash value and an annual dividend may be offered as well. The cash value can be used by the policy owner as they see fit, ie: purchases, college tuition, to pay off debts or just left to accumulate to generate an income stream at retirement. Properly structured, a Whole Life insurance policy can provide a tax free death benefit to heirs, be used for purchases/debt payoff and also as a retirement income vehicle.