Whole Life Insurance - The Insurance Pros

A whole life insurance policy for a child is a type of permanent life insurance that provides lifelong coverage for a child, with the added benefit of building cash value over a long-period of time. Premiums are very low, and they are "locked-in" for life. Most policies have the option to be paid-up in as little as 7 years!

Whole life policies are attractive because they never expire, and policyholders don't have to worry about outliving their policies! 

Whole Life Insurance is a good option to cover burial or cremation expenses for a couple of reasons. First, premiums are locked-in which is attractive for people on a fixed income. Secondly, you do not have to worry about outliving your policy as the policies are designed remain in force for life. 

After a certain period (usually a few years), policyholders can start accessing the cash value, which grows tax-deferred. This allows policyholders to: borrow against it, withdraw  the funds, or use the cash value to pay the premiums for you!

As discussed, premiums are guaranteed to remain fixed throughout the life of the policy provided that no loans have been taken from the policy.