How does whole life differ from term life?

Term life covers a defined period and generally carries a lower premium, while whole life covers your entire lifetime and builds cash value. Many families combine these forms of coverage, and we help you decide which approach, or which combination, best fits your goals and your budget.

Can we use the cash value during our lifetime?

Yes. You may borrow against the cash value or make withdrawals, subject to your policy terms. Outstanding loans and withdrawals reduce the death benefit, so we review the effect of any access with you beforehand.

Will our premium ever increase?

Traditional whole life policies carry a level premium that is set when the policy is issued and does not rise with age.

Whole Life Insurance in NJ and North Carolina

Whole Life

Coverage at a glance

Whole life insurance is permanent coverage that remains in force for your entire life as long as premiums are paid. Premiums are generally level, which means they do not increase as you grow older, and the death benefit is paid to your beneficiaries income tax free in most circumstances.

Each policy also builds cash value at a guaranteed rate over time. Some whole life policies issued by mutual companies may also earn dividends, although dividends are not guaranteed. The cash value grows on a tax deferred basis and may be accessed through policy loans or withdrawals, which reduce the death benefit if they are not repaid.

Who it is designed for

Whole life insurance is designed for people who want protection that never expires, such as parents who wish to leave a lasting inheritance, business owners planning for succession, and anyone who values the predictability of level premiums and guaranteed cash value. It is also well suited to families who would like to provide for a loved one with lifelong needs.

How the plan works

When you purchase a whole life policy, you select a death benefit and pay a level premium for the life of the policy or for a defined payment period. A portion of each premium supports the cost of insurance, and the remainder contributes to the cash value, which grows steadily according to the guarantees in your contract.

We compare whole life policies across carriers, considering the strength of each company, the guaranteed values, any dividend history and the premium that fits your budget. We then help you through underwriting and remain available to review your policy, beneficiaries and cash value as your life unfolds.

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Common questions

Whole Life, answered

Term life covers a defined period and generally carries a lower premium, while whole life covers your entire lifetime and builds cash value. Many families combine these forms of coverage, and we help you decide which approach, or which combination, best fits your goals and your budget.

Prefer to talk it through? Call (973) 524-7188 and we will answer in person.