Types

• There are four main types of whole life insurance: a plan that you pay monthly, a plan where you pay the entire premium payment in one payment, a plan that is considered "paid in full" after you have made regular policy payments for a predetermined number of years and one that is considered "paid in full" once you reach a certain age. Choose one based on the way you want to pay your premiums.
  
  

Features

• Some whole life insurance policies will garner you profits or losses through various investments; others will guarantee the exact benefit you paid for upon your death--nothing more and nothing less. Choose the type that you are most comfortable with.
  
  

Considerations

• If you know that you may need some of the money in the future, while you are still alive, make sure that it is a policy that will allow you to borrow against the value of your policy.