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Whole Life

Understanding Whole Life Insurance

Whole Life Insurance is life insurance that continues in force for as long as the premiums are paid. The insurer looks at your current age, health, and lifestyle, the reviews longevity charts that predict your length of life. If you enjoy dangerous sports, your policy will cost you more.  The insurer creates a level premium which is higher than necessary to cover expected losses when you are young, then lower than necessary as the policy gets close to the end.

Some whole life policies offer investment options.  Others offer variable premiums. Variable life, universal life, and variable-universal life are potential options for you to consider as a part of your personal financial planning.  You may also want to consider term insurance when you are young and need a lower premium for larger benefits, which then converts to whole life insurance when your income will allow for more investment.