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.
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