Whole life insurance covers you for your entire life. Unlike term insurance, this plan does not expire. It guarantees a payout to your family whenever you die, as long as you keep paying your premium.
Another feature of whole life insurance is that it builds cash value. A part of your premium goes into savings. You can borrow from it or even withdraw it after some time. It acts like a mix of insurance and investment.
Whole life insurance is more expensive than term life insurance. But many people choose it because of the lifetime coverage and saving benefit. It gives peace of mind knowing your family will always get something when you’re gone.
This plan is useful if you want long-term protection, estate planning, or to leave behind wealth for your children. It’s also a good option if you want forced savings with some returns over time.
