What is Whole Life Insurance?

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Single premium whole life insurance is the most expensive form. One pays for the entire policy in a single large payment. The cash value can increase on this type of whole life insurance, as often one receives interest on the initial investment. It is not, however, comparable to the investment interest one might receive in a more traditional IRA or 401k.

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Whole life insurance is a type of life insurance that covers one for life. It typically requires one medical exam at the beginning of the policy. Further, as the person contributes premiums, they acquire cash value, which can be listed as assets for the purpose of purchasing a home or obtaining a loan.