LIFE INSURANCE
Whole Life Insurance
Whole life insurance is permanent coverage intended to remain in force for life when required premiums are paid and all policy conditions are met. Policies generally include a death benefit and a cash-value component.
How it generally works
- Choose a coverage amount that fits the intended need and budget.
- Premiums are paid according to the policy schedule.
- Cash value may accumulate according to the policy’s guarantees and terms.
- Loans, withdrawals, policy values, and other provisions can affect benefits and may contribute to lapse risk.
Potential advantages
- Permanent coverage when policy requirements are met
- Level-premium designs are commonly available
- Cash value may accumulate over time
Limitations and considerations
- Premiums are generally higher than comparable term coverage
- Cash-value growth may take time
- Loans, withdrawals, unpaid interest, and other policy provisions can reduce benefits or cause a lapse
How much life insurance might I need?
That depends on income, debts, dependents, existing coverage, future obligations, and budget. A needs-based conversation can establish a reasonable starting point.
Does every policy require a medical exam?
No. Requirements vary by policy and carrier. An application may use health questions, prescription history, records, an exam, or other underwriting information.
Can I have more than one policy?
A person may own multiple policies, subject to underwriting and financial-justification requirements.
A CLEAR FIRST STEP
Start with what you want to protect.
Tell us about your needs. We’ll help you understand the possible next steps.
Requesting information does not obligate you to purchase coverage.