Whole life insurance provides a death benefit and an accumulating cash value. It has a fixed
premium and a level death benefit to age 100. The premiums don't increase with age, which
averages the cost of the policy over your life. The cash value increases with time until it
equals the death benefit. Whole life is also known as Permanent life insurance. This type of
policy never has to be renewed or converted. The cash value is an amount of money that you
are guaranteed to receive in the event of policy cancellation. You also have the right to
borrow against the cash value on a loan basis. Cash value is accessible through loans and
withdrawals that will reduce cash value by the amount borrowed plus interest. Withdrawal
and/surrender charges may also apply.
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