What Is Whole Life Insurance

Glossary - Letter - W

What is Whole Life Insurance? It is a type of a permanent life insurance that covers you as long as you live. Typically you will be paying constantly higher premiums since in the early years of your policy, it should accumulate enough value to off-set later, higher insurance risk. Your premiums will not change throughout your life. You can also terminate the policy (also called surrender) if you want and get part of the accumulated funds, or you can sometimes borrow money against your policy cash value.

Interesting fact about Whole Life Insurance:

Life Insurance Policies by Type in CanadaWhole Life Insurance products usually have higher initial premiums than Term Life.

It is interesting to know that according to our data many Canadians make choice in favor of Whole Life Insurance (see chart).