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Many whole life insurance policies can be considered "participating", which means that you could earn dividends based the company's financial performance. Your dividends can be used for a variety of purposes, including increasing your policy's cash value.

Another feature is the whole-life insurance dividend. Based on performance during the preceding year, this payment could be made to policyholders. Dividends can't be guaranteed. But if you do get one, you may use it:

Your whole-life insurance quotes will be more expensive if you are older, as your life expectancy drops with age. Rates will also be affected by the date of your policy's expiration, which is when all premiums have been paid.

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Your application materials and medical records will be reviewed by the insurer before determining how much coverage you need. After you sign the policy paperwork, and pay your first premium you are covered for life.

This is a quick overview of how each type works so you can better understand the differences between whole and term life.

A whole-life insurance policy provides for your family and can be used to build equity in your home.

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Insurers will often offer quotes based upon the payment of your premiums up to age 99. The majority of people purchase a whole-life policy, which they will pay monthly or annually until death. This is usually called paid up by 99.

The policy's death benefit works in the same way as a life insurance policy. As long as you maintain your policy premiums and the death benefit amount, your beneficiaries will receive a lump sum tax-free. Additional cash value will also be paid by higher-end whole-life insurance policies.

A whole life policy will offer you quotes that are based on your ability to pay your premiums until the age of 65 or 99. Most people purchase whole life insurance policies which will be paid monthly or annually up to the time they die.

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You decide how much money you wish to leave your loved ones. This is known as the Death Benefit.

Whole life insurance costs more than term and is the most widely used type of permanent lifestyle insurance. The reason is that most policies offer lifetime coverage and payouts regardless how you die. There is also a cash value component to whole life insurance. A portion of your premiums goes into the account. This account grows over time. Once enough cash is built up, you are able to borrow against it or surrender the policy.

Both policies allow your loved ones to spend the death benefit on funeral expenses and mortgage payments. The type of coverage you need may make one option better than the others.

Whole life insurance

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Whole life insurance, which is more expensive than term life, is the most popular type of permanent insurance. Because policies are designed to provide coverage that lasts a lifetime, and pay out no matter when you die, this is a common reason. A cash value component is also available for whole life insurance. The account grows as a result of the payment of a portion your premiums. After you have enough cash value, the account can be refinanced or you can surrender the policy.

A whole life policy consists of two parts: the death benefit, and the cash value.

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The insurer will review all your medical records and application materials to determine the amount you'll pay for coverage. You're protected for life once you sign the policy paperwork.