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Whole Life Insurance has one main purpose: to provide coverage for the life of the insured. Whole life policies generally offer fixed premiums, guaranteed death benefits and are designed to build tax deferred cash value. For that reason, a whole life insurance policy can be described as providing life insurance protection with a savings feature.

The main types of whole life policies

Non-Participating Whole Life Insurance
A non-participating whole life policy has a level premium and face amount during your entire life.

Participating Whole Life Insurance
A participating whole life policy pays dividends. The dividends represent the favorable experience of the company and result from excess investment earnings, favorable mortality and expense savings.

Level Premium Whole Life Insurance
Level premium whole life insurance features premium payments that are level and are required to be paid as long as the insured is living. In the early years the premium is more than enough to pay the current cost of insurance protection.

Limited Payment Whole Life Insurance
If you want to pay premiums for a limited time, the limited payment whole life policy gives you lifetime protection but requires only a limited number of premium payments.

Single Premium Whole Life Insurance
Single premium whole life is a limited payment whole life insurance plan with one relatively large premium payment due at issue. The policy is fully paid up and no further premiums are required.

Indeterminate Premium Whole Life Insurance
An indeterminate premium whole life policy is similar to ordinary whole life plan of insurance except that it provides for adjustable premiums. The company will charge a "current" premium based on its current estimate of earnings. If these estimates change the premium will be adjusted.

If you do not have Whole Life Insurance you should really consider it, especially if you have dependants. Call up some insurance agents and talk to them about life insurance. Pretend to yourself that you are looking for cheap car insurance, it makes it easy. Get a few different auto insurance quotes to start. You know how to handle the subject of finding cheap car insurance. You start off with auto insurance quotes and move on from there, checking one cheap car insurance policy against the other and calling for more auto insurance quotes as you go along.

Soon you have a list of the insurance companies and details and you can decide which one to buy. Try this same system when you are looking for cheap car insurance as well!