Whole Life Insurance is a type of permanent life insurance, where your premiums remain the same throughout the duration of the policy, with the option to pay the premiums on a monthly, quarterly, or yearly basis. Whole Life Insurance provides the funds to help your family in the event of your passing, to pay off your debts and expenses, to provide retirement fund for the spouse and college fund for the children, as well as help them to meet daily expenses, such as rent, utilities, mortgage, and groceries.
Unlike Term Life Insurance, Whole Life requires your commitment long-term, so you should make the decision based on your ability to pay the premiums throughout the duration of the policy. However, there are many advantages of Whole Life policy over Term Life Insurance. First, Whole Life requires you to make the same amount of payments every month. Second, Whole Life offers policy options where you can pay the whole policy off after a certain amount of years, after which you will not have to worry about it anymore.
While Whole Life policy has many advantages, it is not very flexible and customizable. If you are looking for a more flexible policy, you should consider Universal Life Insurance instead. Our licensed representatives at Team Insurance can provide you with policy recommendations and give more information on the types of life insurance policies to find the one most suitable for your situation.