What is whole life insurance?
Whole life insurance covers you for your entire life, not just a set number of years. The monthly payment never goes up, and part of what you pay builds cash value you can borrow against later. It costs more than term life because it is guaranteed to pay out eventually.
By Joseph Citrola, independent life insurance agent with Fastlane Financial. Licensed, NPN 20686856.
How it works
You pay a fixed amount every month for life, or for a set number of years with some plans. The policy pays your family whenever you pass away, no matter when. Along the way it builds cash value that grows at a guaranteed rate.
Who it is for
People who want coverage that will definitely be there, want a payment that never changes, or want to leave money behind no matter when they pass. It is also used to cover final expenses and to leave an inheritance.
Cash value
Over time the policy builds a cash amount you can borrow against or withdraw. Loans and withdrawals reduce the death benefit if they are not paid back.
How I help
Whole life prices and guarantees vary a lot between companies. I compare the ones I work with and show you the differences plainly.
Common questions
Is whole life better than term?
Neither is better. Term is cheaper and covers a set period. Whole life costs more and lasts for life. Many families use term for the big years and a smaller whole life policy for final expenses.
Does the payment ever go up?
No. With whole life the monthly payment is locked in from the day the policy starts.
Can I use the cash value while I am alive?
Yes. You can borrow against it or take a withdrawal. Doing so reduces what your family receives unless you pay it back.
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