SENIOR WHOLE LIFE INSURANCE:
A whole life insurance policy is a policy that generally pays a lump sum in the event of the death of the insured to the dependents of the insured. In some cases, the earlier diagnosis of a critical illness also results in the said payment. The only requirement for this payment is that the policy is kept in force with the required payments being made in time. You can choose to pay a premium that doesn't rise as you grow older, averaging the cost of the policy over your life. Whole life insurance policies are sometimes called straight life insurance policies or permanent life policies. A Whole Life policy is contractually guaranteed not to lapse, provided that you pay sufficient premiums each year to keep the policy in force. Besides permanent, lifetime insurance protection, Whole Life Insurance features a savings element that allows you to build cash value on a tax-deferred basis. A portion of the premiums you pay build up the savings element of the policy and are invested by the company. The interest rate return on your investment is added to the savings portion of the policy. This is how the policy builds cash value.You always want some form of whole life if your primary purpose is to cover final expenses or to provide a legacy for your heirs.