Whole Life Insurance
A whole life insurance policy covers you for your entire life, not just for a specific period such as term insurance. Whole life insurance also builds cash value, which is a return on a portion of your premiums that the insurance company invests. Cash value of your plan grows with time and you can withdraw the partial or full value of the cash accumulated with it. Your cash value is tax-deferred until you withdraw it and you can borrow against it.
Benefits of Whole Life Insurance:
- Premium remains same for all of your life.
- Most plans offer Cash back.
- You can borrow from Cash Value.