Whole life is a type of permanent life insurance intended to remain in force for life if required premiums and contract conditions are met. It typically includes a cash-value component, but values and options must be understood from the specific policy.
What to understand first
Review guaranteed and non-guaranteed values separately, premium obligations, dividends if applicable, loans, surrender charges, and the effect of withdrawals or loans on benefits. Compare illustrations using the same assumptions.
Questions and trade-offs to consider
Policy loans can accrue interest and may affect coverage or taxes. Guarantees depend on the issuing insurer and contract; illustrations are not promises of future performance.
A practical next step
Ask a licensed professional to explain the contract and illustration in plain language. Compare the purpose, cost, and flexibility with other available approaches.
Take the next step
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