Build Cash Value With Whole Life Insurance
Being designed to provide protection for dependents while building cash value, Whole Life Insurance pays a death benefit if the insured person dies. This policy also has a savings component which builds over time, called cash value.
Along with paying a death benefit, this accumulated cash value will be received by the policy owner if the policy is surrendered.
Fixed Life Insurance Premium
Your premium is fixed and it won't increase during the lifetime of the insured as long as the premiums are paid as agreed and for the entire time the policy is in place. Upon the death of the insured or if the insured person reaches a specific age as stated in the policy, the policy pays.
Whole life policies are more expensive than term insurance, but they have the added benefit of building cash value.