Ann Arbor |  Brighton ☰ ˟
Logo
Ann Arbor 734-327-5970 | Brighton 810-225-8977
  • BLOG
  • GET A QUOTE
    • GET A QUOTE
    • Annuities
    • Dental
    • HealthImage of right arrow
      • Priority Health - Individual Family Health
      • Priority Health - Individual Short Term
      • Blue Cross Blue Shield
      • Disability Insurance Quote
      • Long Term Care Insurance Quote
    • LifeImage of right arrow
      • Life Insurance Quote
      • Term Life Insurance Quote
    • MedicareImage of right arrow
      • Medicare Advantage Plans
      • Medicare Supplement Plans
    • Vision
  • PRODUCTS
    • Annuities
    • Dental
    • Health
    • LifeImage of right arrow
      • Term Life Insurance
    • MedicareImage of right arrow
      • Medicare Advantage
      • Medicare Supplement
    • Vision
    • Disability & Long-Term Care
    • Group Health
  • BLOG
  • RESOURCES
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • ABOUT US
    • About Us
    • Employee Directory
    • Privacy Policy
  • CONTACT US
    • Contact Us
    • Join our Newsletter
Icon

Group Health Insurance

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Icon

Personal Term Life Insurance

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Icon

Permanent Whole Life Insurance

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Icon

Personal Health Insurance

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Icon

Disability & Long-Term Care

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Icon

Group Ancillary Benefits (STD / LTD / Dental / Vision / Life)

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Home > Blog > What is a Permanent Whole Life Insurance Policy?
WEDNESDAY, MAY 19, 2021

What is a Permanent Whole Life Insurance Policy?

Life insurance is designed to protect your family in case you suddenly pass away and leave substantial debt in your place. There are different types of life insurance policies geared toward many purposes.  family sitting outside with dog

One of the most common forms of life insurance is whole life insurance. A whole life insurance policy, also sometimes known as a permanent life insurance policy, operates just how it sounds. Whole life insurance lasts as long as the policyholder lives and continues to pay for it. The policy will pay out once the policyholder passes away. 

Unlike with a term life insurance policy, you will not have to renew a whole life insurance policy or purchase another one if you outlive the term. Here’s a little more on how it works. 

Does Permanent Life Insurance Offer Cash Value? 
Some whole life insurance policies allow a cash value option, which means you can withdraw cash value from the policy while it is still active. A portion of your premium is used as an investment that accumulates funds over time (separately from your death benefit, which remains constant) These options are also offered within universal life insurance policies. 

How Much is a Whole Life Insurance Policy? 
The cost of a whole life insurance policy varies depending on your age, location, health, policy limits and other factors. Older individuals tend to pay more for life insurance, as your life expectancy decreases as you grow older.  

These premiums are generally paid on a monthly basis up until the policyholder’s death. However, some policies have a limit on how long premiums are paid, such as when the policyholder reaches a certain age. Be sure to speak with your insurance agent about what policy is right for you and what limits fit your life insurance needs. 

Is Whole Life Insurance Better than Term Life Insurance? 
There is no set rule that says whole life insurance is better than term life insurance or vice versa. This is because each policy is made for different purposes. A term life insurance policy can be useful for those who only want coverage for a specified amount of time, such as until they’ve paid off a certain debt. In that case, a term policy might be your answer. 

Some people also choose to have both a whole life insurance policy and a term life insurance policy simultaneously. The term policy allows you to have extra coverage until a debt is paid, but you will still have whole life insurance to remain in place for the future.  

Consider you and your family’s life insurance needs carefully, and speak with an insurance agent about what policy is best for you. 

Posted 11:03 AM

Tags: life insurance, whole life insurance, permanent whole life insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020

  • life insurance(6)
  • insurance(6)
  • coverage(5)
  • medicare(4)
  • ann arbor art fair(2)
  • life(2)
  • healthcare(2)
  • health(2)
  • group(2)
  • group health insurance(2)
  • premiums(2)
  • permanent whole life insurance(2)
  • employee(2)
  • benefits(2)
  • policy(2)
  • costs(2)
  • whole life insurance(2)
  • auto insurance(1)
  • health insurance(1)
  • employee benefits coverage(1)
  • long-term care(1)
  • employee benefits(1)
  • group ancillary benefits(1)
  • whole(1)
  • terms(1)
  • dental insurance(1)
  • life insurance policy(1)
  • whole life(1)
  • term life insurance(1)
  • whole life vs term life insurance(1)
  • long term care insurance(1)
  • retirement(1)
  • medicare advantage(1)
  • term(1)

View Mobile Version

Contact Us Today!
Ann Arbor 734-327-5970 | Brighton 810-225-8977

Social Social

Resources

  • Products
  • Customer Service
  • News
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

Ann Arbor 734-327-5970
Brighton 810-225-8977
Fax: 734-327-5972
Email: rob@activeinsuranceLLc.com
© Copyright. All rights reserved. | Powered by Insurance Website Builder