Note: Whole life insurance quotes require speaking with a licensed agent. Call us at 888-407-0714 for personalized whole life and permanent coverage options.
What is Whole Life Insurance?
Whole life insurance is a type of permanent life insurance that covers you for your entire life, as long as you continue paying premiums. Unlike term life, it never expires.
In addition to the death benefit, whole life policies build cash value over time — a savings component that grows at a guaranteed rate and can be borrowed against or withdrawn.
How Cash Value Works
Each premium payment you make is split: part goes toward the insurance cost, and part is added to your cash value account. Over time, this cash value grows on a tax-deferred basis.
Tax-Deferred Growth
Cash value grows without being taxed year-over-year.
Tax-Free Borrowing
Borrow against cash value without a credit check or tax liability.
Guaranteed Return
Unlike investments, cash value grows at a guaranteed minimum rate.
Important: Any outstanding loans against the cash value reduce the death benefit paid to your beneficiaries.
Term vs. Whole Life: Which is Right for You?
| Feature | Term Life | Whole Life |
|---|---|---|
| Coverage Duration | 10–30 years | Lifetime |
| Monthly Cost | Lower | Higher (3–10×) |
| Cash Value | None | Yes, guaranteed growth |
| Premiums | Fixed for term | Fixed for life |
| Best For | Income replacement during working years | Estate planning, lifelong obligations |
| No Exam Option | Yes | Limited options |
Types of Permanent Life Insurance
Traditional Whole Life
Fixed premiums, guaranteed death benefit, guaranteed cash value growth. The simplest and most predictable permanent policy.
Universal Life
Flexible premium payments and death benefit amounts. Cash value earns interest at market rates (not guaranteed). Good for people with variable income.
Variable Life
Policyholders manage their own investment portfolio within the policy. Higher potential returns, but also higher risk. Includes a minimum guaranteed death benefit.
Indexed Universal Life (IUL)
Cash value growth is tied to a market index (like the S&P 500), with a floor (typically 0%) protecting against losses and a cap limiting upside.
Interested in Whole Life Insurance?
Our licensed agents can walk you through permanent coverage options and find the right policy for your estate planning goals.
Call 888-407-0714