Whole Life for Permanent Protection

When guaranteed lifetime life insurance may fit a long-term protection objective.

The planning principle

Whole life is designed for permanent coverage when required premiums are paid according to the policy. It can be considered when the protection need is expected to last for life rather than a defined term.

What to review

Evaluate the death-benefit objective, premium commitment, guarantees, cash-value structure and alternatives before deciding whether permanent coverage is appropriate.

Reference points

• Permanent death benefit: coverage is designed to remain in force for life when required premiums and policy conditions are satisfied.
• Premium commitment: premiums are generally higher than comparable term coverage because the protection is permanent and may build cash value.
• Cash value: guaranteed values are defined by the contract; participating-policy dividends, when applicable, are not guaranteed.
• Use cases: permanent needs can include final expenses, legacy objectives and other obligations expected to remain throughout life.

Educational information only. This page is not tax, legal, investment, or individualized insurance advice. Insurance products are subject to eligibility, underwriting, carrier availability, policy terms and state requirements.