Whole Life Insurance
Permanent life insurance that lasts your entire life and builds cash value over time.
Whole life insurance (also called "permanent life") covers you for your entire life — there's no expiration. Premiums are higher than term, but a portion of every premium is invested by the carrier and accumulates as "cash value" inside your policy that you can borrow against, surrender, or pass on.
A standard whole life policy might cost 8-15x more than term for the same death benefit. Why pay more? Three main reasons people choose whole life: 1. Estate planning — guaranteed death benefit means heirs receive a known amount tax-free 2. Forced savings — the cash value grows at a guaranteed rate (typically 2-4%) regardless of stock market 3. Living benefits — you can borrow against cash value at low interest rates without credit checks
For most people in their 20s-40s, term life provides better value per dollar. Whole life makes more sense for high-net-worth individuals using it as part of a tax/estate strategy, business owners doing buy-sell agreements, or families with a special-needs dependent who will need lifelong support.
Universal Life and Indexed Universal Life are variants that offer more flexibility in premium and investment options. Geneva can walk through which fits your situation.
Related terms:Term Life Insurance·Beneficiary
Related Geneva services:Life Insurance