Whole Life Insurance Defined – What does whole life insurance mean?
Whole life insurance coverage is a type of life insurance policy that provides protection for your entire lifetime.
This means, as long as you continue to pay your premiums on
time, your life insurance policy will continue providing you with life
insurance protection for your entire lifetime.
However, there are policies called single premium whole life insurance only requiring you to make one single premium payment for lifetime life insurance coverage.
A whole life policy is made up of several main features:
It’s important to understand that whole life insurance is one of two basic types of life insurance policies. The other type is called term life insurance.
Term life insurance is temporary life insurance for a set period of time. Usually, term life offers coverage for a period of 10, 15, 20 or 30 years. With term life you have guaranteed level rates and coverage for the duration of your term.
If you outlive the term of your term life policy, you may be able to renew coverage, but your rate will increase based on your age. Or, your term life coverage may end.
Whole life insurance is popular with people who are looking to offset the effect of estate taxes on their estate.
In addition, whole life is a common form of coverage provided to make sure your family has money to pay for your funeral, burial, and other final expenses related to your death.
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