Whole life insurance, also known as "permanent" insurance, is a type of life insurance designed to provide protection and financial security throughout your life. It can pay out a death benefit to your beneficiary upon your death as well as build cash value that you can access for use during your lifetime.

Whole life insurance offers a wide range of benefits for policyholders. Most importantly, it provides peace of mind knowing that your family will be financially protected in the event of your death. The proceeds from your death benefit can be used to take care of your family's financial needs, such as paying off debts, covering funeral expenses, and providing an income for your survivors.

In addition to providing a death benefit, whole life insurance also has several advantages from an investment standpoint. Your policy’s cash value grows over time with guaranteed interest and the account is also tax-deferred, meaning that you don't have to pay taxes on your investment gains until you withdraw them. Plus, you can borrow against the policy’s cash value at favorable interest rates should you need liquidity for an emergency situation.

Finally, whole life insurance also offers estate and legacy planning benefits. Since the death benefit is paid out tax-free and is not subject to probate, it makes a great way for individuals to transfer wealth to their heirs. In addition, it can be used as a component of charitable giving strategies to ensure your legacy lives on.

In summary, whole life insurance is a great way to help you prepare for life’s uncertainties and to protect your family’s future. With the death benefit, cash value potential, and estate and legacy planning advantages, this type of life insurance provides lasting peace of mind for you and your loved ones.