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Whole life insurance
Permanent coverage that lasts your entire life, with premiums that never change and cash value that grows on a guaranteed schedule.
How whole life works
Part of every premium builds cash value at a guaranteed rate. You can borrow against that cash value for any reason, and any unpaid loan is subtracted from the death benefit.
Participating policies from mutual insurers may also pay annual dividends. Dividends are not guaranteed, but they can be used to lower premiums, buy more coverage, or grow your cash value faster.
- Coverage length
- Your entire life
- Premiums
- Fixed and never increase
- Cash value
- Grows at a guaranteed rate
- Dividends
- Possible with participating policies
Is whole life right for you?
A good fit if you
- Want coverage that never expires
- Have a lifelong dependent, such as a child with special needs
- Are planning an estate or leaving an inheritance
- Value guarantees over growth potential
Keep in mind
- It costs much more than term for the same death benefit
- Cash value builds slowly in the early years
- Surrendering early can mean getting back less than you paid
Whole life questions
Don't see yours? Ask us directly.
Whole life or term life: which is better?
Term covers a set number of years at a low cost. Whole life covers you for life and builds cash value, but costs more. Many families combine both. We'll show you the numbers side by side.
Can I borrow from my policy?
Yes. Once you have cash value, you can take a policy loan. Interest applies, and anything not repaid reduces the death benefit.
What are dividends?
Mutual insurance companies may share profits with policyholders through dividends. They aren't guaranteed, but many long-standing insurers have paid them for decades.
Can I cash out my policy?
You can surrender the policy for its cash value, minus any surrender charges and loans. That ends your coverage, so it is worth comparing other options first.
Compare whole life quotes from multiple insurers
A short call with a licensed agent is all it takes to see your options.