What is whole life insurance?

Whole life insurance is one of two types of life insurance coverage.

Whole life provides life insurance protection and a savings component.

Whole life insurance gives you guaranteed life insurance for your entire life.

In addition, it builds up cash value inside the policy over time from which you may be able to take a loan.

With whole life, you pay the same premium for your life insurance coverage each year.

Whole life insurance costs a lot more than term life insurance which is temporary for up to 30 years, and does not build cash value.

Here's more information on how whole life insurance works.