Whole Life Insurance

Whole life insurance policies typically consist of guaranteed death benefits, yearly premiums that are fixed and assured cash values. The biggest disadvantages of whole life insurance policies are the rigid premiums and that if used mainly as a savings deliver a poor return.

This type of policy delivers dividends which can be used to boost the death benefit. Dividends can usually not be guaranteed and can fluctuate over time. The premiums for whole life insurance are typically higher than for term insurance over the short term, but over the long term are more or less equal.

A whole life insurance policy can also act as a source of cash via policy loans, however if these loans are not paid back the benefits decrease. If the policy holder dies the beneficiary receives the death benefit, but is not entitled to the cash value. Some policies are structured to automatically make use of the cash value in order to purchase more death benefit.

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