Whole Life Insurance

Whole Life Insurance covers you for as long as your life if your premiums are paid. You generally pay the same amount in premiums for as long as you live. When you first take out the policy, premiums can be several time higher than you would pay initially for the same amount of term insurance. But they are smaller than the premium you would eventually pay if you were to keep renewing a term policy until your later years.

Some whole life policies let you pay premiums for a shorter period such as 20 years, or until age 65. Premiums for these policies are higher since the premium payments are made during a shorter period.