Term Life Insurance
A fixed amount for a fixed number of years, at the lowest cost per dollar of cover.
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Whole Life Insurance
Permanent cover with a guaranteed death benefit and a cash value that builds.
What this cover does
Whole life does not expire. The premium is level for life, the death benefit is guaranteed, and part of each payment accumulates as cash value you can borrow against. It costs considerably more than term for the same face amount, and it is bought for different reasons.
Typically included
- Death benefit guaranteed for life, provided premiums are paid
- Level premium that never increases with age
- Guaranteed cash-value accumulation
- Policy loans against accumulated value
- Dividends on participating policies, where declared
Common add-ons
- Paid-up additions to grow the benefit
- Limited pay — settle the policy in 10 or 20 years
- Long-term care acceleration riders
- Waiver of premium for disability
Questions
What people ask about whole life
Why pay more than term?
Because the need does not expire — estate taxes, a special-needs dependant, or a buy-sell agreement that must fund whenever death occurs. If the need has an end date, term is usually the better buy.
Can I access the cash value?
Yes, by loan or withdrawal. Both reduce the death benefit if not repaid, and a lapsed policy with an outstanding loan can create a taxable event. We model that before you borrow.
Often taken together
Related cover
Final Expense
A small permanent policy sized for funeral, burial and last medical costs.
Read more →Quote Whole Life Insurance
Tell us what you already have and we will show you where this fits — or tell you plainly that you do not need it.