Benefits of Whole Life Insurance: Coverage protects you for your entire lifetime as long as you fulfill the payment obligations. Whole life insurance builds “cash value” which ultimately may be used, combined with dividends, to help pay all or part of the premiums due in later years.
Potential Pitfall: Whole life insurance is much more expensive than term life insurance. This higher premium may result in buying less life insurance coverage than you may need.
Summary: There is absolutely a time and a place to purchase whole life (permanent) life insurance. Again, we always encourage you to call our office to discuss your personal life insurance needs and wants so we may offer you the right type of life insurance for your unique situation.