Whole Life Insurance

Type of coverage:
Permanent. Builds cash value

Premium:
Guaranteed level, premium will never increase.
Initially significantly higher than term insurance, but eventually lower than term insurance.
Cash value can be used to pay premium partially or entirely.

Cash Value:
The cash value is always guaranteed. Dividends may be earned in addition enhance the guaranteed cash value. The cash value can be used to supplement retirement income, pay for college, pay the policy premium, etc.

Death Benefit:
The death benefit is always guaranteed and may increase if dividends are used to purchase additional coverage.

Comments:
Whole Life is the most comprehensive life insurance policy available.
It’s a great foundation to a financial plan since it offers so many guarantees and can significantly contribute to financial independence later on in life.

Sample Illustration:
35-year-old male, healthy, non-smoker, $ 250,000 Death Benefit, $ 2,795 annual premium.