
Whole Life Insurance
Whole life insurance is a permanent policy that covers you for your entire lifetime. Whole life is typically used for estate planning and protecting your wealth, as your assets are transferred to a beneficiary. Whole life does have higher annual premiums than term life coverage, but the costs don’t increase as you age, so it can effectively cost less over one lifetime.
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Able to accumulate cash value that increases over time on a tax-free status
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Access to cash value when you need it
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Possible to earn dividends