How does whole life insurance work?

Whole life insurance policies (also known as permanent or cash value life insurance) are meant to last a lifetime. With whole life insurance, your policy’s cash value increases annually, as long as you keep paying the premiums. Your premiums will stay the same, with a guaranteed death benefit. Though whole life insurance premiums are higher than traditional term insurance in the early years, insurance for your whole life is a smart and safe way to secure your family’s future.

Isn’t whole life insurance the most expensive type?

If you’re considering a term vs. whole life insurance policy, remember that a whole life insurance policy features a cash value that can be borrowed against during emergencies or tough times. Some of our whole life policies also pay dividends. Dividends are an additional feature which can help increase a death benefit, increase cash value or decrease premiums. If you have life-long dependents or a high net worth, whole life insurance may be the choice for you. Though growth can vary, returns are often guaranteed.

Is whole life insurance riskier or safer?

With guaranteed cash value and other benefits, plus level premiums that hold steady and potential dividends, whole life insurance policies are very safe and also a good choice for final expense coverage. Though they are not guaranteed, Farm Bureau is proud to have a strong track record of paying dividends on qualifying policies. Quotes for whole life insurance are easily obtained. An agent can help you determine how much whole life insurance you need. Get your whole life insurance quote, or contact an agent, today.