It's tough to think about, but if you're ever pulled out of the picture, your family could have financial and legal troubles. That's where Whole Life (perm) life insurance comes into play.
Whole life insurance provides benefits that last your lifetime and can also be used during times of need. It has two parts: a death benefit and a cash value.
The death benefit is paid to your beneficiaries when you pass away. The cash value accumulates over time as you make regular payments toward your policy (known as premiums). If needed, you can borrow against your policy's cash value, which accumulates on a tax-deferred basis.