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Whole Life Insurance
What is Whole Life Insurance?
Whole Life Insurance is exactly what it sounds like. It is a life insurance policy that provides coverage for the insured’s entire life. In addition to providing a death benefit payable to the policy beneficiary, a Whole Life policy also builds cash value that the policyholder can access while still alive.What are the benefits of a Whole Life Insurance Policy?
- The death benefit is guaranteed as long as premiums are paid
- Premiums remain constant throughout the insured’s entire life
- Cash value growth accumulates tax-deferred
- The policy can be surrendered for the cash value or the cash value can be used as a policy loan
