Coverage / Whole life
Whole life insurance
Permanent, lifelong coverage that builds cash value over time.
Whole life is a type of permanent life insurance — it's designed to stay in force for your entire life, as long as premiums are paid. Along with the death benefit, whole life policies build cash value over time, which grows on a tax-deferred basis and can sometimes be borrowed against. Premiums are typically higher than term for the same coverage amount, but they're generally level and the coverage doesn't expire.
Who it's a fit for
- People who want coverage that never expires
- Building cash value alongside lifelong protection
- Final-expense and legacy planning
- Anyone who wants predictable, level premiums for life
How it works
- Coverage lasts your whole life, as long as premiums are paid.
- Part of each premium builds cash value that grows over time.
- Premiums are typically fixed and level.
- A licensed agent can help you compare whole life to term for your goals.
Good to know
- Premiums are higher than term life for the same death benefit.
- Cash value builds slowly in the early years.
- Borrowing against cash value reduces the death benefit if it isn't repaid.
- This is general information, not financial, tax, or legal advice.
Whole life — common questions
Is whole life the same as permanent life insurance?
Whole life is one kind of permanent life insurance — meaning it's built to last your whole life rather than a set term. Indexed universal life (IUL) is another permanent type. A licensed agent can explain the differences.
What is cash value?
A portion of your premium that accumulates over time inside the policy. It grows tax-deferred and may be accessible later, though using it can reduce your death benefit.
See if whole life fits your situation.
Start a quick quote, or talk with a licensed agent — no obligation.
Seven16 Life provides general information to help you explore life insurance options. This is not financial, legal, or tax advice.
Coverage is subject to eligibility, the application, and underwriting. Not everyone will qualify, and approval is never guaranteed.
Products and availability may vary and may not be offered in all states.
Coverage is provided and underwritten by licensed insurance providers. Seven16 Life may refer or connect you with licensed providers or partners where appropriate.