Whole life is a form of permanent life insurance that remains in force during the insured person’s lifetime, provided premiums are paid as specified in the policy. With this type of coverage, you can collect a part of your investment as you live, and it can build cash value (which can be used to pay the premiums). The interest you accumulate through the investment part of your policy is tax-free until you withdraw it. One reason that whole life insurance remains popular is because the premiums are fixed, and no matter what your age or how your health is, you’ll pay the same amount every year.
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