How it differs from term life
Whole life is designed for permanent coverage rather than a fixed term. Policies commonly include a guaranteed death benefit, scheduled premiums and cash value, subject to the contract.
When it may fit
- A long-term need that is not expected to disappear.
- Final expenses or leaving a defined legacy.
- A preference for policy guarantees over temporary coverage.
Tradeoffs to understand
- Premiums are often higher than term insurance for the same initial benefit.
- Cash value usually takes time to build.
- Loans and withdrawals can reduce value and the death benefit and may have tax consequences.
- Guarantees depend on required premiums being paid.
Compare the policy—not just the label. Ask which values are guaranteed, which are illustrated and what happens if premiums stop.
See whether whole life fits your goal.
Shane can explain the guarantees, cost and alternatives side by side.