Definition: Whole life insurance, also known as permanent or non-changeable term life insurance, is a type of insurance policy that pays out a fixed amount during the policy's life for each payment. This means the insurance company makes regular payments to a beneficiary when you pass away. The key difference between whole life and other types of life insurance is that in whole life, the money paid out to beneficiaries is not subject to changes or revaluations by your employer or employer's tax service. Whole life policies are typically indexed at a pre-determined percentage, such as 100%, which means they pay out the same amount each year regardless of inflation. Whole life insurance can be useful for families who want to ensure that their loved ones receive the maximum benefit from their retirement savings. It also offers flexibility in terms of payment options and can help reduce stress about financial uncertainty due to changes in income or spending patterns. whole life insurance near me is a type of whole life insurance policy that pays out a fixed amount during the policy's life for each payment.

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