You pay a premium throughout your life. Amount of premium depends on your age when you start the policy. You can borrow against the cash value or draw it out at retirement. Look carefully at the rate of return your money earns. Provides death benefits and accumulates a cash value. Look carefully at the rate of return your money earns.

Whole Life Policy Options

• No forfeiture clause-If you stop paying premiums you can use the cash value in a variety of ways
• Limited payment policy
• Pay higher premiums during your earning years only, keeping lifetime coverage
• Variable life policy
• Minimum death benefit guaranteed but can be more depending on how your premium dollars are invested.
• Adjustable
• You can change your premium amount and thus your coverage
• Universal Life
• Let's you pay premiums in almost any amount
• Combines term insurance and investment elements

• Often through an employer
• No physical required
• Usually, Term Insurance

• Debt is paid off if you die without paying your own mortgage, car, furniture
• Also protects lenders
• Expensive protection