Whole life insurance is a permanent life insurance policy that provides lifelong financial protection for your beneficiaries while building cash value you can access during your lifetime. Unlike term life insurance, which expires after a specific period, whole life insurance remains active for your entire life.
This type of life insurance policy serves dual purposes: permanent financial protection and tax-advantaged wealth building. The cash value grows without annual contribution limits like 401(k)s or IRAs, making it attractive for high earners who've maxed out other retirement accounts. You can access funds through policy loans that don't require credit checks or affect your credit score, providing financial flexibility during emergencies or opportunities.