Coverage
Whole life: coverage for your entire lifetime.
Whole life insurance provides coverage for your entire lifetime, as long as you continue to pay the premiums — with a cash value component that grows alongside the protection.
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How permanent coverage works
Permanent life insurance, also known as whole life, provides lifetime coverage. It is priced above term life because it lasts for the extent of your life and typically builds cash value.
The cash value component accumulates on a tax-deferred basis over the life of the policy — it acts as the savings portion of the policy. You can borrow against it, make withdrawals, or surrender the policy for its cash value minus surrender charges.
Varieties of permanent life insurance
- Whole life insurance
- Offers a fixed death benefit and a cash value factor that grows at a guaranteed rate.
- Universal life insurance
- Provides flexibility to adjust premiums and death benefits as your circumstances change.
- Burial insurance
- A small whole life policy with a death benefit typically between $5,000 and $26,000, designed to cover final expenses.
- Survivorship life coverage
- Insures two people under one policy — typically married couples — paying the benefit after both have passed.
See how this fits your numbers.
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