Whole Life Insurance
Whole Life insurance is an insurance plan that has the strongest guarantees. The coverage is designed to last your entire life. A common misperception is that the coverage has to be paid your entire life. There are many payment options which include paying policies in full in 10 years or 20 years (There are other options available). Whole life insurance policies gain cash value and can have the ability to earn dividends.
Whole life insurance can have living benefits which allow you to accelerate (use) a portion of the death benefit while you are still living for things like Cancer, stroke, and heart attack. These policies are not limited to those three illnesses and cover for as many as 16 others depending upon the insurance carrier. This gives you the ability to take care of things such as medical bills, mortgage payments etc.