Whole life insurance is also known as permanent insurance, as coverage lasts for your lifetime, as long as you pay the premiums. It provides a level or increasing death benefit, a guaranteed, tax-deferred cash value component,* and may also pay a dividend, which is not guaranteed. The premiums are level and generally, the younger and healthier you are, the less expensive the premium. If the need for coverage is from 15 to 20 or more years, permanent life insurance coverage has many advantages.
*Guarantees are based upon the claims paying ability of the issuing company.