Whole Life Insurance

Ordinary whole life insurance is the most common form of whole life policy. It  requires the owner to pay a specified level premium every year until death, or age 100 or 120, depending on the policy.

Limited pay whole life insurance policies allow the policyholder to pay the premium on a 10 or 20-year payment schedule. At the end of the payment period, the policy is considered to be “paid up”. No additional premium payments are due, however, the insured is protected until death or age 100 or 120.

Single premium whole life policy requires the owner to pay a lump sum in return for life insurance protection that will extend throughout the insured’s lifetime.

Final Expense whole life insurance is a special life insurance policy for a specific need. These policies are designed to offset the costs of funeral, cremation and burial services.

Modified whole life insurance policies have lower premiums for the initial policy period, often three to five years. They increase to a higher premium at the end of the initial period. This type of policy gives you the opportunity to purchase a whole life policy with initial lower premiums which increase as your income increases.

Second-to-Die whole life policies are often used in estate planning to provide liquidity at the death of the second spouse since this is typically when estate taxes for the couple would be due.

Another type of joint life policy is First-to-Die whole life insurance. It covers two individuals, however the death benefit is paid on the passing of the first individual.

Children’s whole life insurance allows you to lock in a low annual premium and guarantees the opportunity to provide more coverage down the road, even if your child someday develops health issues or works in a high-risk occupation that would normally make it difficult to qualify for life insurance. Children’s whole life insurance is also an investment that accumulates cash value as your child grows up.

Cash value whole life insurance, (Dividend Paying Life Insurance) is ordinary whole life policy or limited-pay policy that is designed to accumulate cash growth similar to saving money in a bank along with the death benefit.