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.

• Able to accumulate cash value that increases over time on a tax-free status

• Access to cash value when you need it

• Possible to earn dividends