Whole life

A simple whole life policy would provide a benefit on the death of one or more named individuals, however far in the future that might occur. Unlike a term life policy, the benefit will be paid at some point with certainty and the product combines the protection elements of a term life policy with a savings element that should ultimately provide an accumulated investment return to the policyholder. The annual premiums are normally constant from one year to the next. The ability to get a loan secured by the policy is a common feature.