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Writer's pictureRobert Gourlay

Pros and cons of whole life insurance


Typically, term life insurance is the better policy option for most people, but there are some benefits to whole life insurance that can make it a good policy option for certain people, such as individuals with a high net worth or life-long dependents. Like all life insurance policies, whole life insurance comes with its own set of benefits and drawbacks that are worth considering when you’re purchasing a life insurance policy.

Whole life insurance benefits

  • Whole life insurance lasts for your entire lifetime as long as you keep making premium payments.


  • Your premiums typically stay level for your entire lifetime, which means your insurance company cannot raise prices as you get older or if you get sick,


  • Some of your premium goes into a tax-deferred savings account with interest, called the cash value.


  • Because a portion of your premium is put aside into a savings account, you can potentially recapture some of the money you’ve spent on your life insurance payments.


  • Your returns are usually guaranteed as the life insurance carrier sets a guaranteed minimum growth rate on the cash value, though the growth can vary wildly from year to year.


  • Because your returns are guaranteed, your cash value will grow even if other investments lose value and you won’t lose any money if the stock market tanks.

For more information, please contact me. I will be happy to help with whatever questions you have. www.rgwealthsolutions.com +6011-51565649

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