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Whole Life Insurance is described as permanent life insurance coverage for as long as the policyholder lives and makes premium payments. Whole life insurance policies include level premiums and the accumulation of cash values. This makes whole life insurance a good choice for consumers with long-range insurance goals. The cash balances associated with these policies can provide funds to help with temporary needs or emergencies.
The size of the cash value depends on the kind of whole life policy, its size and how long it is in existence. The growth in cash values is tax deferred under current federal income tax law. The premiums for whole life insurance fall somewhere in-between the less expensive term life insurance and more expensive universal life insurance.
Other forms of this term include -whole life |
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