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Whole life insurance

Whole life insurance offers permanent protection and builds cash value at a set rate. And as long as you pay required premiums on time, your benefits are guaranteed. For more information on life insurance options, call us at 1-844-733-5433.

Benefits of whole life insurance

Whole life insurance offers the benefit of permanent protection as long as you maintain payments on time. And while payments may be higher than term life, whole life earns cash value at a set, fixed rate.
Whole life insurance policies also offer the ability for you to access your cash value through loans for future needs. But be aware that any unpaid loan will reduce the cash value and death benefit of the policy.
  • Level premium payments
  • Guaranteed death benefit coverage
  • Guaranteed cash value accumulation
  • Cash value grows tax-deferred
  • A fixed interest rate
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Limitations of whole life insurance:
  • Whole life can be more expensive than other types of life insurance policies.
  • The amount of your premiums and the face value of your whole life policy are not adjustable should your financial needs change.
  • Depending on your situation, you may not need this level of coverage for your entire life and could overspend for coverage you don’t need.
  • Whole life may not be a good choice if you will need access to money in the short term. Often, whole life policies come with a surrender charge period, during which you would pay a penalty if you surrender your policy.
  • Your policy may need to reach a minimum value before loans are allowed.
Is whole life insurance right for you?

There are a few simple questions that can help you determine if a whole life insurance policy will meet your needs:

  • Do you want a life insurance policy that will last a lifetime?**
  • Do you feel the potential for earning cash value over time is worth the additional premium?
  • Do you have a family history of health concerns that might make it difficult for you or a loved one to secure affordable coverage later in life?
  • Do you think cash value could be a future benefit for liquidity, retirement, or estate planning?
  • Do you need money to cover funeral expenses or to offset the cost of inheritance or estate taxes?

If you answered yes to any of these questions, then a whole life insurance policy may meet your needs for locking in permanent coverage and benefits for the future.

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**Policy premiums must be made in order for policy to remain active.

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Common questions about whole life insurance


Whole life insurance policies provide immediate, guaranteed death benefit coverage for the insured's lifetime, as long as required premiums are maintained. Whole life policies grow cash value at a set rate, which can be used for future needs.

While term life policies provide coverage for a limited time, i.e., 20 years, whole life policies offer a guaranteed lifetime death benefit (when required premiums are maintained) and grow cash value at a set rate. These tax-advantaged funds can be borrowed against for future needs.

Whole life insurance works by creating an immediate, guaranteed death benefit, with permanent coverage as long as required premiums are maintained. Whole life policies also grow cash value at a set rate, which can be borrowed against for future needs.

Several factors determine the cost of whole life insurance premiums, including the amount of coverage and the insured's age and health. Whole life offers a guaranteed lifetime death benefit (when required premiums are maintained) and cash value growth, which can make it more expensive than temporary policies.


Resources for you

The Learning Center can help you on your path to affordable coverage
Learn more
Whole vs. universal life insurance - which might be a better fit for you?
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Find a solution to meet your needs

We recognize that everyone has different financial needs. At Protective we offer a variety of life insurance policies from which to choose. For more information on your options, give us a call at 1-844-733-5433 and speak with a Protective Life Agent.