Cash value is what distinguishes whole life insurance from other life insurance types. Your cash value typically takes 10 years or more to break even with your premiums.

Whole life insurance is a type of permanent life insurance—that means there is no limit to how long the policy lasts, and you pay monthly until you die, assuming you want to maintain said policy.

With most whole life insurance policies, consumers pay the same premium for the duration of their policy. Meanwhile, the death benefit typically also stays the same, regardless of how long you live.

Since whole life insurance policies have fixed premiums and last a policyholder's entire life, they can be beneficial to those looking for a more conservative, stable form of life insurance.

Guaranteed issue whole life insurance Guaranteed issue is intended for people over 50 who need smaller death benefits, usually just enough to cover end-of-life expenses.

Term life insurance is usually the less expensive option, but it lacks the cash value component of whole life insurance. You may be able to take out a loan against your whole life insurance.

Whole life insurance is significantly more expensive than term life insurance, which means it will be a less popular choice. However, if any of the following applies to you, you might want to ...

Learn the differences between term life and whole life insurance, including the length of each type of policy, how much each costs and which one might be the best choice for you and your family.

Whole life insurance has several benefits. There is a guaranteed savings account (also known as cash value). Whole life also provides long-term death benefit protection. While there are many ...

Whole life is a type of insurance that covers a person for their entire life. It “ guarantees payment of a death benefit to beneficiaries in exchange for level, regularly-due premium payments.

Whole life insurance policies may cost five to 10 times more than term life insurance policies because of the expected payout. Whole life insurance policies usually have a cash value component ...