Review:
Whole Life Insurance
overall review score: 4.2
⭐⭐⭐⭐⭐
score is between 0 and 5
Whole life insurance is a type of permanent life insurance that provides coverage for the insured's entire life, as long as premiums are paid. It also includes a cash value component that grows over time.
Key Features
- Lifetime coverage
- Cash value accumulation
- Fixed premiums
- Guaranteed death benefit
Pros
- Provides lifelong coverage and peace of mind for beneficiaries
- Cash value can be used for loans or withdrawals
- Premiums typically remain constant throughout the policy term
Cons
- Higher premiums compared to term life insurance
- Policy surrender may result in loss of accumulated cash value
- Complexity in understanding policy features and benefits