Whole Life
For those who have little interest or experience in investing, Whole Life provides a permanent death benefit
A Whole Life insurance policy is a plan that is guaranteed to pay out at some point, rather than expire. Whole life insurance is the most basic and consistent permanent life insurance policy you can buy.
Under a whole life policy, the premium and death benefit you are quoted at your policy’s start remain the same throughout the policy’s life. But because your insurer will be investing your premiums, the policy may also may accumulate a cash reserve (the “cash value”). These funds can be put to use as premiums, reinvested, or saved – it’s your choice.
Whole life insurance can be considerably more expensive than its limited cousin, term life insurance, but the death benefit is guaranteed as long as premiums are met.