Whole Life insurance is a type of insurance that provides coverage for your entire life as long as you keep paying your premiums. With this type of insurance, you don’t have to worry about your policy expiring or needing to renew it like you would with term life insurance.

One of the key benefits of whole life insurance is that it provides a guaranteed death benefit. This means that when you pass away your beneficiaries will receive a set amount of money that you chose when you purchased the policy. This can be a valuable source of financial support for your loved ones.

Another benefit of whole life insurance is that it builds cash value over time. You can borrow against this cash value throughout your life for major purchases or expenses. You can also use it to pay your premiums if you’re unable to make payments at some point.

It’s important to note that whole life insurance policies typically have a higher premium than term life insurance policies. This is because whole life insurance provides coverage for your entire life and also includes the cash value component. However, the fixed premiums of a whole life insurance policy can make it easier to budget for the cost of insurance over the long term.

In a summary, whole life insurance is a type of permanent life insurance that provides coverage for your entire life as long as you keep paying your premiums. It offers a guaranteed death benefit and cash value accumulation which can be useful for financial planning and estate planning.