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Whole is the most basic type of permanent life insurance. Whole provides protection as well as a cash value. Your premiums remain at a fixed level for the duration of the contract.
Over time, the policy builds up cash value on a tax-deferred basis. It may also provide for dividends, which can be used to add more coverage, can build a cash-value that you can use to supplement your retirement income or help provide for a child's education, it's your money to use as you need. But keep in mind should not be purchased solely for cash-value accumulation; its primary purpose is protection.
Depending on your age and health, your premium will purchase a specific death benefit and produce a specific cash value, which are guaranteed for the life of the policy as long as your premiums are paid. Whole premiums, while higher than term premiums, are guaranteed not to increase. In addition, Whole Life policies can earn annual dividends which are based on MetLife's investment, mortality, and expense experience. Dividends are not guaranteed.
People who need this type of are the following:
. Those who have a lifetime need for protection
. Those who prefer the high degree of safety provided by the policy's guarantees
. Those who are attracted by the policy's ability to build tax-deferred cash values
. Those who like to know that their premiums will never increase
The following demonstrate some advantages of whole life insurance:
. Earnings, and certain withdrawals and loans, may qualify for tax-favored treatment.
. Policy loans and withdrawals provide access to your cash value.
. If you cancel the policy, the accumulated cash value is yours to use as you wish. Taxes may apply.
. Dividends can be taken in cash or used to increase the policy's cash value and death benefit. This means that certain "dividend options" may be used to purchase additional coverage each year, regardless of your health.
. Life insurance Premiums are guaranteed not to increase over the life of the policy.
. A minimum death benefit is guaranteed.
. The cash value is guaranteed to grow at a specified, minimum rate.
Over time, whole may be more economical than term since premiums do not increase with age and the policy builds a cash value.
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