Whole Life

Whole Life insurance is the oldest form of coverage, and has existed in variations of its present form, since most carriers began business. In our opinion, the market for this type of product is very limited, given the choices and variety of product types available in today’s marketplace.

Typically is available as non-participating plan - this means that is doesn’t pay dividends - By comparison Term 100 is much less expensive; and as a participating plan – this means it does pay dividends.

In our opinion, since dividends or their formula are not guaranteed, it is a not a consumer-accountable choice.

Although it may be presented as a combination of life insurance protection and tax-advantaged investment opportunities, it is not flexible and cannot be customized to suit your long-term financial goals. Unlike Universal Life, it is not easily modified to meet your changing needs. It is also not designed in a tax-efficient manner. In short, we would recommend it only in certain very specific situations.

Most industry insiders believe that this type of participating plan cannot be actuarially supported given our current and projected environment. Studies would indicate that its shelf life may be short. Also as more and more carriers merge, fewer and fewer continue to offer these dividend paying products.