What Is Whole Life or Cash Value Life Insurance?
You can purchase life insurance for different time periods and purposes. Term life insurance covers you for a set period of time, such as 20 years; when the term of the policy ends, the policy expires. Whole life insurance, on the other hand, covers you for your whole life, until you die, unless you cash out your policy or fail to meet your premium payment obligations. Whole life insurance, also known as cash value insurance, is available with various features and benefit levels that dictate the costs and value of the policy.
