Whole Life Insurance
A permanent life insurance policy that offers lifelong coverage for the insured and comes with a guaranteed cash value that steadily grows at a fixed rate—like a financial safety net with a reliable boost! Premiums are typically level and guaranteed.
Detailed Explanation
Whole life insurance offers lifelong coverage and a predictable cash value growth.
Practical Example
Emily purchased a whole life insurance policy when she was young. She pays the same premium each year, and her policy has a guaranteed cash value that increases over time, providing both death benefit protection and a savings component.
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