Whole Life Insurance

Whole Life Insurance policies are designed to last your entire life. Because of this, the premium paid is lower than life insurance policies with a predetermined end-of-coverage date. The premium payments are fixed and will not increase as you age and, after the policy is in effect, no additional medical exams are required unless you request a change in coverage.

Unlike a Universal Life Insurance policy, there is no choice of investment options included in this type of coverage, but you will be able to use the cash value of a Whole Life policy as collateral for loans.

Qualifications

You must fill out an application and answer medical questions. Fluid testing may also be required, along with other underwriting requirements.

Premiums based on

Your age and sex as well as smoking habits, amount of coverage and health status.