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To begin with, you need to understand that falls into two very broad categories: Whole and term. The basic difference between term and whole is this: A term policy is life coverage only.
In whole policy, as long as one continues to pay the premiums, the policy does not expire for a lifetime. As the term applies, whole provides coverage for the whole life or until the person reaches the age of 100. Whole policies build up a cash value (usually beginning after the first year). With whole life, you pay a fixed premium for life instead of the increasing premiums found on renewable term policies. In addition, whole has a cash value feature that is guaranteed. In term and whole-life, the full premium must be paid to keep the insurance.
With level premiums and the accumulation of cash values, whole is a good choice for long-range goals. Besides permanent lifetime insurance protection, Whole features a savings element that allows you to build cash value on a tax-deferred basis. The policyholder can cancel or surrender the whole policy at any time and receive the cash value. Some whole policies may generate cash values greater than the guaranteed amount, depending on interest crediting rates and how the market performs. The cash values of whole policies may be affected by a company's future performance. Unlike whole policies, which have guaranteed cash values, the cash values of variable policies are not guaranteed. You have the right to borrow against the cash value of your whole policy on a loan basis. Supporters of whole say the cash value of a policy should compete well with other fixed income investments.
Unlike term life policies, whole provides a minimum guaranteed benefit at a premium that never changes. One of the most valuable benefits of a participating whole policy is the opportunity to earn dividends. The insurance company based on the overall return on its investments sets earnings on a whole life policy. In addition, while the interest paid on universal is often adjusted monthly, interest on a whole life policy is adjusted annually. Like many insurance products, whole has many policy options.
Make sure you can budget for whole for the long term and do not buy whole unless you can afford it. You should buy all the coverage you need now while you are younger, and if you cannot afford whole life insurance, at least get Term. That is why whole policies have the highest premiums it is insurance for your whole life, no matter when you pass on. The level premium and fixed death benefit make whole very attractive to some. Unlike some other types of permanent insurance, with whole life insurance, you may not decrease your premium payments.
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