Whole life insurance policies are made to remain in force throughout the lifetime of the insured person. The insured continues to meet up with the premium demands until they are no more. Upon their demise, the insurance company will compensate its beneficiaries with a lump sum courtesy of the whole life insurance.
Life insurance polices are of different types, basically they all pay your family/loved ones when you are no more. Cash from life insurance can be used by your family/loved ones to cover daily expenses, rent or mortgage bills, outstanding loans, college tuition and other essential expenses. Life insurance is definitely the best way to ensure the wellbeing and financial needs of your loved ones are taken care of when you are gone.