What is the definition of whole life insurance?

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Whole life insurance is a type of permanent life insurance that provides coverage for the entire lifetime of the insured individual, as long as the premiums are paid as agreed. Unlike term life insurance, which provides coverage for a specific term or period, whole life insurance accumulates a cash value over time, which grows tax-deferred. This cash value can be accessed by the policyholder through policy loans or withdrawals, and it can also be used to pay premiums. Whole life insurance typically offers guaranteed premiums and a guaranteed death benefit, making it a stable option for long-term financial planning and protection.