Building whole life insurance into your financial pyramid for your loved ones financial security is a smart move. As a financial tool whole life insurance offers many benefits. The guaranteed death benefit and guaranteed cash value are the two features most recognized by consumers.

Whole life insurance is intended to be for the life of the insured; which is why it is called one of the “permanent” life policies. Premiums are paid throughout the life of the insured. The premiums on a whole life policy are usually paid up until the insured reaches age 100.

Whole life is different from term life in that with whole life, the insured does not have to die to benefit from the policy. In addition to a death benefit, whole life insurance has “living benefits”. Accumulated cash values are one example of “living benefits”. The cash value grows within the life insurance policy income tax deferred. The cash value is taxed at the time of withdrawal. Another attractive benefit with a whole life insurance policy is the guaranteed cash value feature; a very nice feature in today’s uncertain market conditions.