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Whole life insurance can cover you for a lifetime, providing a death benefit payout to beneficiaries in the event of your passing. From great coverage to fixed premiums, this type of policy offers many benefits. But before you move forward with a policy, it’s a good idea to weigh the pros and cons. Here are some key facts to know about what whole life insurance is, how it works, and the pros and cons of this policy.
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Whole life insurance is a permanent policy that offers lifelong coverage. This means the policy will provide a death benefit to beneficiaries whenever you pass away, provided the policy is still in force.
Whole life insurance can provide lifelong coverage as long as premiums are paid. Premiums are generally fixed for the life of the policy. In addition to a death benefit for your beneficiaries, many whole life policies accumulate cash value over time. You may tap into the cash value while you’re still alive through a withdrawal, loan, or by surrendering the policy.1
Some noteworthy pros and cons of whole life insurance include:
Whole life insurance can provide lifelong coverage, no matter how old you are when you pass away. Unlike with a term life insurance policy, there is no termination date.2
Once you receive a premium amount based on factors like your age and health status, you won’t have to worry about it changing. Your premiums will stay the same, making it easy to budget for them.
A whole life insurance policy offers a cash value growth component. As your cash value increases, you can withdraw funds or borrow against them to help cover expenses.3
Depending on the company you choose, whole life insurance may be eligible for dividends, which you can redeem for cash.3 Dividends can depend on the company’s financial performance, interest rates, and investment returns.
Compared to other types of life insurance, whole life insurance can be complex and more difficult to understand. You may need to review your policy multiple times or speak to a company representative to ensure you know how it works.
Due to the lifelong coverage and cash value component, whole life insurance comes with higher premiums.2 It may be a challenge to cover them if you’re young or don’t have a lot of extra cash at your disposal.
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Get StartedNow that you know how whole life insurance works and the pros and cons, here’s a brief look at the differences between this type of policy and other permanent policies you might come across:
If you’re interested in whole life insurance from Aflac, follow these steps:
1. Fill out a short online form.
2. Wait for an Aflac representative to call you and discuss your options.
You can also start the process via phone and call Aflac directly at 1-855-782-5850.
In these situations, a whole life insurance policy may make sense:
Since whole life insurance is permanent, it may be a good option if you want protection that lasts a lifetime. A whole life policy can help give you long-term financial security.
The policy’s cash value generally accumulates on a tax-deferred basis. This can help provide additional financial flexibility.
Whole life insurance offers many pros and cons that you should consider when deciding whether this policy is right for you. If you want lifelong coverage, Aflac offers whole life insurance with fixed premiums that generally remain level throughout the life of the policy. This type of policy also comes with a cash value account that may accumulate on a tax-deferred basis and lasts your entire life. Chat with an agent to discuss your options and get a quote today.
Get Started
Whole life insurance rates can vary based on your age. Our whole life insurance rates chart will show how much whole life insurance may cost you.
Looking into getting a whole life insurance plan? Find out how whole life insurance works and the benefits, costs, pros, and cons.
Whole life insurance rates can vary based on your age. Our whole life insurance rates chart will show how much whole life insurance may cost you.
Looking into getting a whole life insurance plan? Find out how whole life insurance works and the benefits, costs, pros, and cons.
1 Investopedia - How Whole Life Insurance Works. Updated May 7, 2025. https://www.investopedia.com/terms/w/wholelife.asp. Accessed June 18, 2026.
2 Thrivent – Whole life insurance: Pros, cons & who it’s right for. Updated March 10, 2026. https://www.thrivent.com/insights/life-insurance/the-benefits-drawbacks-of-whole-life-insurance. Accessed June 18, 2026.
3 Forbes - What Is Whole Life Insurance? (& How Does it Work?) Updated December 18, 2024. https://www.forbes.com/advisor/life-insurance/whole-life-insurance/. Accessed June 18, 2026.
4 Forbes - What Is Variable Life Insurance? Updated November 26, 2024. https://www.forbes.com/advisor/life-insurance/variable-life-insurance/. Accessed June 18, 2026.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent/producer.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Aflac life plans – A68000 series/Term Life: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68200, A68300 & A68400. In New York, Policies NY68200, NY68300 and NY68400. Whole Life: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368100. In Delaware, Policy A68100. In New York, Policy NYR68100. B60000/Term Life: In Arkansas, Oklahoma, Pennsylvania, Texas & Virginia, Policies ICC18B60200, ICC18B60300, & ICC18B60400. Not available in Delaware, Idaho, New York and Oregon. Whole Life: In Arkansas, Oklahoma, Pennsylvania, Texas & Virginia, Policies: ICC18B60C10, ICC18B60100. Not available in Delaware, Idaho, New York and Oregon. Q60000 series/Term Life: In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania & Texas, Policy ICC18Q60200M. In Delaware, Policy Q60200M. In New York, Policy: NYQ60200M. Not available in Virginia. Whole Life: In Arkansas, Delaware & Oregon Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. In New York, Policy: NYQ60100M. Not available in Virginia.
Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (NAIC 92908).
In AR, DE, ID, OK and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Not available in NY.
Coverage/plan levels may not be available in all states, including but not limited to NM or VT. Benefits/premium rates may vary based on plan selected. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations and exclusions.
Aflac WWHQ | Tier One | 1932 Wynnton Road | Columbus, GA 31999
Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
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