Whole Life Insurance
Whole life insurance is also called ordinary or straight life insurance. With whole life insurance, you pay a level premium over the life of the policy. The amount of your death benefit is also fixed.
Similar to other forms of permanent life insurance, whole life insurance builds up cash value in a tax-deferred accumulation fund. You can withdraw or borrow against the cash value. Unlike universal or variable life insurance, the cash value of a whole life policy is not used as a reserve to pay premiums.
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