Unlike term insurance, whole life offers coverage for your entire life. And it accumulates cash value, which is accessible in the form of loans or withdrawals. So whole life can represent a future source of money as well as protection. The premiums are guaranteed to remain the same throughout your lifetime.

Whole life coverage can be a beneficial option for an array of ages and family situations:

• Members of all ages may be eligible to apply (depending on the product offered).
• Children and grandchildren benefit because the policy provides for a low premium at a young age, and the premium remains level.
• Young families with limited premium dollars benefit because it provides a simple insurance plan offering financial security and cash values.
• More mature members benefit because of tax-favored accumulation of cash value and life insurance coverage.
• Premiums are paid over your lifetime, or a shorter period, depending on the product offered.

Cash values accumulate at a fixed rate. The cash value can be used to purchase extended term insurance, or to purchase paid-up insurance, or the policy can be surrendered for its cash value.