Whole Life Insurance

Whole life insurance, sometimes called "permanent life", is a policy that can be kept as long as you live, provided that premiums are paid as required to keep the policy in force. Whole life insurance premiums are fixed rates that will not increase or decrease during the life of your policy. As such, the premiums are not as low as term or temporary coverage rates.

Whole life insurance also builds cash value, which is a return on a portion of your premiums that the insurance company invests. At retirement, many people then begin to use the accumulated cash value to supplement retirement income.

In contrast, term life insurance provides coverage for a set number of years for a much lower premium. At the end of the term, you typically get no cash back. However, many term policies are also convertible, which means they may be exchanged for a permanent type of policy, such as whole life which builds cash value and allows you to maintain the policy for life.

Although whole life insurance does offer the benefit of being able to surrender the policy for its cash accumulation value, most individuals could potentially make more money by purchasing the term life policy and investing the difference on their own.

The licensed agents at Spectrum Direct can help determine if whole life insurance is right for you. They can answer all your questions and provide a free rate comparison from highly rated insurance companies.

Ready to get started? Call Spectrum Direct toll-free at 1-800-438-7343.