Unlike Term Life Insurance, this type of insurance provides protection for the remainder of your life, rather than a certain number of years. Whole Life Insurance has the following features:
- Premiums that remain the same every year.
- Additional money may be put into the policy on a tax-deferred basis.
- Beneficiaries receive the amount of the policy upon the death of the insured to cover death-related expenses or other expenses as needed.
- Optional insurance riders available.