Whole life insurance offers a fixed death benefit and cash value component that grows at a guaranteed rate of return. Many whole life insurance policies pay out dividends that can be used to reduce premium payments or can add to your cash value.

Provides financial protection the entire lifetime of the insured, or to age 100. Premiums remain the same for the life of the insured or as long as premiums are paid. During the early years of the insurance policy the premiums are greater than the amount necessary to pay policy costs. The excess accumulates cash value in the policy to offset increased insurance costs as the insured ages, or to fund the non-forfeiture provisions of the contract.