Whole Life Insurance
Whole Life Insurance is insurance that lasts a person’s entire (whole) life. It will typically provide coverage to the age of 100, or longer.
An aspect that some like about whole life insurance is that it can build accessible cash value, like a savings account. The policy can be surrendered to retrieve the cash value, or a loan can be taken up to the cash value amount.
Because of its relatively higher cost compared to term insurance, some experts say a term product coupled with wise investing is better than a whole life policy. No need to be dogmatic, but your course should be properly planned out. Every situation is different.
Persons nearing retirement age who do not have any insurance, nor opportunities to invest, will often choose whole life insurance to guarantee their family has coverage in place.