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If you’re looking for a way to provide for your family and have a safe, stable investment, whole life insurance is the right option for you.
Like term life, it provides a guaranteed death benefit. But in addition to that, it also functions as an investment that grows, tax-deferred.
When choosing whole life insurance, you get a policy that has a set premium and a guaranteed death benefit. The cash value also grows at a set rate.
Depending on the policy, you may also receive dividends. You can take them in cash, keep them on deposit to continue growing or use it against your next premium, to settle any loans against your policy or add more coverage.
Whole life insurance is more expensive than term life insurance. It’s seen as a more solid investment because it lasts an entire lifetime versus a set period of time in term life. The policy are also more expensive because it has a cash value that has a guaranteed return.
Buying whole life insurance gives you both death benefits as well as an tax-deferred investment that you can borrow against or surrender for cash.