Whole Life Insurance provides coverage over an entire lifetime, at a fixed rate based on the member’s age at the date of issue, and does not typically increase with age. As long as the contract terms between the member and the insurer are met, the insurer will pay the death benefit of the policy to the policyholder’s designated beneficiaries when the member dies. Since whole life insurance policies are guaranteed to remain in effect as long as the contract conditions are met, the premiums are typically much higher. Whole life insurance belongs to the cash value category of life insurance.
Whole Life Insurance
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