Life

Whole Life

Whole life insurance is a type of insurance that offers a combination of insurance and a savings element or cash value accumulation. The policy is set up with a maturity date at some point in the future for the insured individual, at which time the cash value within the policy should equal the amount of insurance face amount. This cash value does not increase the amount of the death benefit, but only offers the insured individual to collect a sum of cash equal to the original face amount should that person live to the maturity of the policy.

The cash value can be withdrawn in the form of a policy loan without causing the policy to lapse, however there are a few strings attached. First, if the loan is still outstanding at the time of death the death benefit will be reduced by the amount of that loan. Second, the insurance company has the right to charge as much as 8% on the loan until all funds are paid back. Another draw back about the cash value accumulation for non-variable products the interest rate earned on the money held in the cash value in normally very low.

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