Whole Life insurance

Whole Life is permanent coverage designed for people who know their life insurance needs will not change or who want to build an investment for future funds. This type of plan offers level premiums that are based on the policyholder's age when the policy is issued (issue age). Some policies offer a paid-up option after a specified period of time, such as 10, 15, or 20 years, which means premiums cease but coverage continues for life. Whole Life insurance also builds cash value.