Whole life insurance is permanent coverage that lasts for life as long as premiums are paid. The death benefit goes to the named beneficiary, and the policy builds cash value that the owner can borrow against. Unpaid loans reduce the death benefit and cash value. Many whole life policies offer living benefits for qualifying terminal, chronic, or critical illness. It generally costs more than term for the same death benefit because it's built to last and build cash value.
Sunny Financial Group, an independent insurance agency in Sarasota, Florida (licensed in 21 states), reviews these options in a private conversation.
Whole Life insurance may provide permanent death benefit protection, structured premiums, and cash value features. It should be reviewed carefully against the household's protection need, budget, time horizon, liquidity goals, and available alternatives.