Whole life insurance, also known as permanent life insurance, is a type of life insurance policy that provides coverage for the entirety of the policyholder’s life. Unlike term life insurance, which only provides coverage for a specific period of time, whole life insurance offers lifetime protection. In addition to providing life insurance coverage, whole life insurance policies also include a cash value component, which is essentially a savings component that accrues value over time.

The cash value component of a whole life insurance policy is funded by a portion of the premiums paid by the policyholder. This portion of the premium is invested by the insurance company and the cash value grows over time, typically at a fixed rate. The policyholder can access the cash value of the policy through various means, such as borrowing against it or withdrawing it outright.

There are several factors that can affect the growth of the cash value in a whole life insurance policy, including the premiums paid, the length of time the policy has been in effect, and the performance of the investments made by the insurance company. It is important to carefully consider these factors when choosing a whole life insurance policy and to understand the terms and conditions of the policy, including any fees or charges that may be associated with accessing the cash value.

If you are in need of life insurance in Texas, contact us today. We can help you whether you are located in Houston, Dallas, Fort Worth, Austin, San Antonio or El Paso.