Whole Life Insurance
Whole life is the most common type of permanent life insurance. A whole life policy guarantees a death benefit for the lifetime of the insured, as well as a cash value account for a savings element to supplement retirement income. Your premium remains constant throughout the duration of the policy while payments over and above your premium are credited to your cash value savings account, which additionally earn a fixed rate of interest. Throughout the life of the policy you may have the option to take loans against that cash value account. Later in life, once it has enough money in it, you may have the option to use the cash accumulation account to fund the policy payments, thus making the policy self-funding. Upon passing of the insured, the remaining value in the cash value account is added on top of the death benefit.
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