What Is Whole Life Insurance?
While your policy’s guarantees provide you with a minimum death benefit and cash value, dividends give you the opportunity to receive an enhanced death benefit and cash value growth. Many times, dividends are not guaranteed.
Compare Term & Whole Life Policies
With whole life, the policy builds cash value over time that can be used to help you pay for college, supplement your retirement income, or for emergencies. Any amount withdrawn from the cash value will reduce the death benefit.
The premiums of a whole life insurance policy are not tax deductible per the Internal Revenue Service (IRS).
Several questions to ask yourself when considering a life insurance policy are:
- Would your financial plan, without life insurance, enable your spouse to maintain the lifestyle you worked so hard to achieve?
- Would you be able to pass on something to your children or grandchildren?
|Policy features||Term life insurance||Whole life insurance|
|Choice of policy length||✓|
|Provides lifelong coverage||✓|
|Premium generally stays the same||✓||✓|
|Life insurance payout amount is guaranteed||✓||✓|
|Accumulates cash value||✓|
|Might be eligible for annual dividends||✓|
While whole life insurance has many benefits, it is best to speak with an insurance advisor prior to selecting this type of policy.
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