Whole life.

Whole life insurance is permanent coverage. The policy never expires as long as you continue paying premiums, and it builds a cash value component that grows tax-deferred and can be borrowed against during your lifetime. The death benefit is guaranteed.

Whole life premiums are significantly higher than term premiums for the same death benefit, because you are paying for permanent coverage rather than coverage for a defined window. The trade-off is the certainty of a death benefit and the cash value accumulation.

For retirees, whole life can fit when the goal is leaving a specific tax-free benefit to heirs, building cash value as part of a broader retirement strategy, or supporting estate planning. It is not the right product when the only goal is covering a defined window of need or when premium affordability is a concern.

Whole life is also one of the most-oversold insurance products in the industry. We will tell you honestly whether it fits your situation or whether the same goals can be met more efficiently with other products.