Whole Life Insurance

Unlike Term Life Insurance, Whole Life is a type of permanent insurance. It will provide insurance for the duration of the insured's life

The face value (or death benefit) amount and the premium are set at a fixed level and do not change. This is the key difference between this coverage and Universal Life Insurance.

Whole life premiums are are set at an equal or level premium, the death benefit is also set and is guaranteed. In each year the cash value will increase - another key feature of whole life. Any loans taken out will reduce the death benefit.

Premiums are made annually, quarterly or monthly, buy mostly on an annual basis.  Most policies will pay a dividend, which can be used to pay premiums or increase the death benefit. Dividend payments are not guaranteed

Whole life insurance provides the policy owner with a level premium, a fixed death benefit and a cash value.

Whole Life Insurance can be structured into individual and survivorship (i.e. based on two lives)