Why Should You Buy Whole Life Insurance?

Shawn Plummer

CEO, The Annuity Expert

Why Should You Buy Whole Life Insurance?

Lifetime Coverage

Whole life insurance provides lifelong coverage, ensuring that you are protected for your entire life. This permanence is a key advantage over term life insurance, which only covers you for a specified period.

Cash Value Accumulation

A distinct feature of whole life insurance is its ability to accrue cash value over time. This cash value grows on a tax-deferred basis and can be used in various ways, such as:

  • Tax-Free Withdrawals: You can access the cash value tax-free, offering a flexible financial resource.
  • Supplemental Income: The cash value can serve as a supplemental income source, especially in retirement.
  • Loan Collateral: You can borrow against the cash value, effectively making your money work for you.

Premium Flexibility

If you face financial challenges and can’t afford a premium payment, whole life insurance allows you to use the accrued cash value to cover the premiums. This feature greatly reduces the risk of policy lapse.

Asset Retention

With whole life insurance, if your needs change and you choose to walk away, you still retain some assets in the form of the cash value. This contrasts with term life insurance, where you lose your premiums if you outlive the policy.

Limited Pay Period Options

Whole life insurance policies offer the flexibility to choose a limited pay period. This means you can pay off your policy within a set time frame, typically between 5 and 20 years, securing lifetime coverage without lifelong payments.


Whole life insurance offers lifelong coverage, cash value benefits, payment flexibility, and asset retention, making it a valuable part of financial planning.

Given the complexity and variety of whole life insurance policies, it’s beneficial to work with experienced agents. At the Annuity Expert, our team has extensive experience and offers personalized guidance to find the policy that best fits your needs.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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