Whole Life Insurance

Whole Life Insurance

Whole Life Insurance is considered to be a type of insurance coverage that is designed to provide some type of coverage for your entire life. Whole life insurance can usually offer a fixed premium, a guaranteed death benefit, and build a tax deferred cash value. Whole life insurance will generally be needed when you may need life insurance for a longer period of time. Whole life insurance has integrated savings features where you can build up a cash value within your policy. The premiums that are charged for whole life insurance can be a lot higher than term life insurance, but in the end it works out to be a smaller amount than what you would pay overall for term insurance.


There are a few different types of whole life insurance that you can purchase and they are participating whole life insurance, level premium whole life insurance, limited payment whole life insurance, and single premium whole life insurance. There also can be some pros and cons to whole life insurance that you will want to consider. The pros of whole life insurance are the premiums will be fixed for the life of the insured, your beneficiaries will receive a death benefit whenever you die, your policy may build some cash value and can be tax deferred and if you decide that you don’t want your whole life insurance policy anymore you will receive the cash value back. The cons of whole life insurance are you may pay a higher premium, and a whole life policy is a lot more complex than other life insurance policies. You will want to consult with United Retirement Advisors Group to help you to decide what are your best options in regards to your life insurance.