Whole Life Insurance is the granddaddy of them all, in some ways the simplest to understand of all insurance policies. In its simplest form, you promise to send the carrier a fixed check each year for the rest of your life, and they promise to send your beneficiaries a fixed check when you die. Seems pretty straightforward. That’s why we had to introduce dozens of options on the simple chassis. Here are the basics:

• Continuous Premium Life Insurance A standard form of Whole Life Insurance.  Premiums are paid for the life of the insured or to age 100, at which time the policy endows and the death benefit is paid.
• Limited Pay Whole Life  The full premium of the policy is paid out in a fixed number of payments over a fixed period, such as ten or 20 years. At the end of the selected period, the policy is paid up and no further premiums are due.
• Single Premium Life Insurance Single premium, as the name implies, is a life insurance policy in which a single premium payment at policy inception pays for the policy for the life of the  insured. No further premiums are ever due, and the policy is guaranteed to last the lifetime of the insured.
• Combination Policies or Blended Life   These policies are a blend of term and permanent insurance coverage.  These policies offer a lower premium than regular permanent life, but can last the entire lifetime of the insured.

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