Whole life insurance helps your family prepare for the unexpected. The guaranteed death benefit can help replace a family's loss of income, help with mortgage costs, or educational needs or to leave a legacy for the next generation.

What is Whole Life Insurance?

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Most things in life come with an expiration date — from groceries to coupons and even certain types of life insurance. But there's one exception to that rule: a whole life insurance policy.

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Whole life insurance is insurance for life and covers you for as long as you live (as long as premiums are paid on time), at a locked-in rate that won't increase as you age or if your health status changes. It may also build "cash value" over time, which is money that gets set aside with each payment you make.

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1. Premiums are set at a certain amount and don't change.

2. Premiums are partially determined based on the age of the insured. The younger the insured is, the less expensive the annual premium.

3. There are guaranteed cash values or dividends that are dependent on the specific terms of the policy.

4. The insured can borrow against cash values.

5. Current federal income tax law allows for deferred tax advantages for some insurance policies.

6. Whole Life Insurance provides coverage for the entirety of the insured's life, generally to age 100, as long as the policy is in force.

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