Also Known As: Straight Life, Permanent Life, Final Expense Coverage, Burial Insurance

Background: Whole Life gets its name from the length of coverage it provides, which is until the insured turns age 120. With this life insurance option premiums are set and the coverage level, meaning once you get it your price and coverage remain fixed (+).

The first factor used by insurance companies to find your rate will be your age. The second factor will be the state of your current health. From this you will be offered one of three subcategories: Preferred, Standard, or Modified/Graded.

Our Recommendation: Get one as young as you can, while your health is most likely to be stable.

Whole life insurance offers cash values, which is regarded as savings account element that allows you to “borrow” or uses funds to your liking, as if you are your OWN BANK. This feature makes these types of plans a great option for kids and grandkids (+).

Current Plans, depending on the state, will include the accelerated death benefit rider at no extra cost. Yes, Florida is one of those states. This rider accelerates between 50-99% of the face amount to the insured under certain situations such as heart attack, stroke, cancer, terminal illness and others. We call this the living benefit. If Whole Life Insurance is not what you need, check out more information on Term Life and Universal Life plans.