Whole Life Insurance

Whole life insurance is a type of life insurance policy that provides coverage for the entire lifetime of the insured, as long as the premiums are paid. It not only pays a death benefit to the beneficiaries upon the death of the policyholder but also accumulates cash value over time. The cash value grows tax-deferred and can be accessed by the policyholder through withdrawals or loans. Whole life insurance typically has fixed premiums, and a portion of the premium goes toward building the cash value, making it a long-term financial planning tool.