Whole Life Insurance
It is a permanent insurance policy, which means the insured is covered for the duration of their live as long as the policy is in effect. The policy will stay in effect as long as the premiums are paid and no lapse in coverage occurred.
Read about the difference between Whole Life and Term Life insurance in this article.
What are some features of a Whole Life Policy?
As mentioned previously as Whole Life policy is a permanent life insurance that will be live with the insured as long as their premiums are paid. Some whole life polices build cash values in a separate account and different then the death benefit value. These types of policies are called Indexed Universal Life or Universal Life Policy. Where the policy owner will accrue interest on the premiums paid.
A Whole Life Policy could be used for Final Expenses, legacy for family members or beloved ones, or as estate to business or debt.
Some Whole life policies, depends on age and coverage amount requested, would require the insured to go for a medical exam or blood work. In other instances, the insurance company would instead rely on the MIB and Rx reports.