Whole life insurance

What is whole life insurance?

Whole life insurance covers you for your whole life and comes with a cash value you can use to help with things like paying for your kids’ college, upgrading your home, or living well in retirement.

How can whole life insurance fit your financial plan?

If you’re passing on a large inheritance, whole life insurance may cover the cost of estate taxes. It may also be a good fit if you’re looking for lifelong protection or you want to provide money for your final expenses. But whole life insurance can be expensive. If you’re looking for affordable premiums for a set number of years, term life insurance may be a better choice.

Many factors impact the cost of whole life insurance. These factors may include your age, gender, location of residence, health, whether you smoke, the number of payments, the death benefit, and more. If you are in average health, expect to have slightly higher premiums than someone of your same age, gender, and location who is in good or excellent health.

Who is whole life insurance for?

When it comes to investing, or any type of financial planning, there is no one-size-fits-all approach. 54 percent of Americans have life insurance. Some people think it serves them well and others don’t. If your family struggles to afford the monthly whole life insurance premiums, you may be better off buying less expensive term insurance and investing the difference.