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What are the benefits of whole life insurance?

William Kare, Life Insurance

@williamk33 05/31/16

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Whole life insurance policies offer you several benefits, including:

1. Level Premiums - Guaranteed level premiums for the life of your policy.

2. Cash Value - Builds cash value inside the policy that grows tax-derred.

3. Loans - You may take a loan from the cash value in your policy.

4. Additional Coverage - You may be able to use dividends from your life insurance policy to purchase additional life insurance coverage - this relates to whole life insurance through a mutual life insurance company.

5. Lifetime Protection - Whole life provides guaranteed lifetime life insurance coverage as long as you pay your premiums.

Scott W. Johnson, Manager and Principal Broker Agent

@ScottJohnson 06/02/16

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If you can afford to (and actually do) pay the premium for your entire life the best benefit is a relatively guaranteed death benifit.

Affordableone Insurance LLC, Insurance Agency

@AffordableoneInsuranceLLC 05/31/16

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Two quick ones come to mind - 1) The price stays the same. Unlike term insurance where the price increase after 10 years, 20 years, etc whole life prices stay fixed.

2) Whole Life does build some cash value. It isn't much but it is there. There are many other positive aspects but these are the two most considered.

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