A simple guide to whole life.

Permanent life insurance—covers you for your entire lifetime as long as premiums are paid.

Guaranteed death benefit paid to your beneficiaries whenever you pass away.

Builds cash value over time; part of your premium goes into a savings-like account.

Cash value grows tax-deferred and can be borrowed against or withdrawn (with some consequences).

Premiums are typically fixed and stay the same for life.

Much more expensive than term life because it includes lifelong coverage and cash value.

Good for long-term planning, estate planning, or people who want forced savings plus insurance.