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Whole Life Insurance

Whole life insurance is one type of permanent life insurance that can provide lifelong coverage. It provides a variety of guarantees, which can be appealing to someone who doesn’t want any guesswork after buying life insurance.

Whole life insurance combines an investment account called “cash value” and an insurance product. As long as you pay the premiums, your beneficiaries can claim the policy’s death benefit when you pass away.

Whole life insurance offers three kinds of guarantees:

  • A guaranteed minimum rate of return on the cash value.

  • The promise that your premium payments won’t go up.

  • A guaranteed death benefit that won’t go down.