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For instance, you might choose to borrow against your cash value to help with things like a down payment on a house or paying for college tuition. Permanent coverage builds cash value that you can borrow against. This means when you pass away, your beneficiaries will receive a death benefit that they can use for things like your final expenses, paying off debts or leaving a legacy for loved ones.

Here’s a high-level look at some of the ways that buying a whole life insurance policy can benefit you and your loved ones: Long-term insurance protectionīuying a whole life insurance policy means you are purchasing lifelong coverage. It’s a lifelong policy with level premiums and offers living benefits, like cash value. Whole life insurance can help financially protect your family if you were to pass away. This differs from other types of life insurance - like term life insurance - which only offer coverage for a specific period of time, and will not pay your beneficiaries if the policy expires before you pass away. This means when you buy whole life insurance, you’re guaranteed permanent life insurance coverage and your beneficiaries will receive a death benefit regardless of when you pass away. Whole Life Insurance is exactly what it sounds like - coverage for your whole life.