Whole Life Insurance.

Your whole life plan would offer you benefits for life. You’d pay the same monthly premium for as long as you lived. Your premium will be larger than it would be for a similar amount of term life protection, but it will be lower than the premium of a renewed term life plan. In general, your whole life plan will combine the framework of a term life plan and an investment component. First, there will be a mortality charge, meaning your actual insurance coverage. Second, there will be a reserve; your reserve is an investment component that will earn interest over time.