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What is whole life insurance?
Whole life insurance is a type of cash-value life insurance in which you pay a fixed premium for your whole life or a lump sum premium. You earn interest on the policy’s cash value as the years go by, and your beneficiaries get a fixed benefit after you die.
Over time, the non-forfeiture values accumulate on all whole life policies. Since the policy is whole life, it must offer the option of not paying premiums by using the cash value to eventually buy a smaller "paid up" policy. Return to Questions
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