what is whole life insurance

Whole life insurance is a type of permanent life insurance that provides coverage for the insured's entire lifetime, as long as the required premiums are paid. It is also known as "straight life" or "ordinary life" insurance. One of the key features of whole life insurance is that it has fixed premiums, which means the amount paid every month remains constant. In addition to the death benefit, whole life insurance also has a cash value component that accumulates over time and can be withdrawn or borrowed against. This type of insurance is often used for purposes such as estate planning, funeral expenses, and providing supplemental retirement income. Whole life insurance is different from term life insurance, which covers the insured for a specific period of time. It is also distinct from other types of permanent life insurance, such as universal life insurance, in that it does not allow for adjustments to the premiums or death benefit after the policy is issued