What is whole life?
Whole life is a specific type of life insurance that insures the individual for their entire lifespan. While some other types of policies may only provide coverage for a set amount of time, such as ten or fifteen years, whole life does not have a limit.
Single premium whole life policies are unique in that they are only paid into once. After the premium has been paid, there is no need to continue paying and the coverage will continue. This is an excellent option, as it does not require the individual’s continual financial engagement.