“Whole Life” accurately describes this type of Life Insurance. Based on the plan you choose, whether you pay just one premium, a limited number of years, or payments for your lifetime, Whole Life coverage protects you for a lifetime, and can accumulate a substantial cash value that can be used DURING your life.
Term life insurance provides coverage at a fixed rate of payments for a limited period of time. It is typically the least expensive way to purchase a substantial amount of coverage amount per premium dollar. You may be able to renew coverage at the end of the “term” or convert the existing Term Insurance Plan to a Whole Life Plan.
