Whole Life Insurance
Insurance Glossary
Permanent life insurance with a premium that stays level for life, a death benefit that does not shrink, and a cash value that grows on a guaranteed schedule. Both the premium and the death benefit are fixed when the policy is issued, which is what separates it from universal life, where each can be adjusted later. It costs more than term life at the same face amount, and policies from mutual insurers may also pay dividends, which are not guaranteed.
This content is for general informational purposes only and is not insurance, legal, or financial advice. Coverage, exclusions, eligibility, and pricing vary by insurer, by policy, and by state, and only the policy documents control what is covered. Always confirm the details of any coverage with a licensed insurance agent or the issuing carrier before you buy.
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