Whole Life insurance is also called permanent life insurance which provides coverage for your entire life, so you don’t have to worry about your coverage getting expired. Whole life insurance provides a guaranteed death benefit as long premiums are paid. Whole life insurance gives your beneficiaries a tax-free payment after your death and your beneficiaries can use the money any way they like. Some whole life policies include savings portion called cash value which can grow tax on deferred basis and increase the death benefit amount over time. Whole life insurance can be paid in full in as little as 10 years.
