Whole Life

Whole life insurance is a permanent life insurance policy that provides lifelong coverage and a savings component known as cash value. As long as you pay your premiums, the policy remains active, and your beneficiaries are guaranteed a death benefit when you pass away. Premiums are fixed, and part of each payment goes into the cash value, which grows over time and can be borrowed against or withdrawn. It’s a good option for those looking for long-term financial security, estate planning, or a way to leave a guaranteed inheritance, though it’s more expensive than term life insurance due to its added benefits.