Whole life is a type of life insurance contract that provides insurance coverage of the contract holder for his or her entire life. Upon the inevitable death of the contract holder, the insurance payout is made to the contract’s beneficiaries. These policies also include a savings component, which accumulates a cash value. This cash value is one of the key elements of whole life insurance and is sometimes used as a living benefit. Premiums can be level over a lifetime, or a specific period of time such as 7 years or the policy can be funded by a single premium. The insurance component pays a stated amount upon death of the insured. The investment component accumulates a cash value that the policyholder can withdraw or borrow against (the living benefit). Whole life policies are purchased by those who wish to be covered their entire life until death and are willing to pay a higher premium than term life. The purchaser often wishes to build wealth and pass on inheritance as well as provide the means for settling his or her estate and burial. Call Rhett for a consultation on Whole life insurance – 817-261-1502.