Whole life insurance built for you
Live fully with lifelong peace of mind
What is whole life insurance?
As a type of permanent life insurance, whole life provides coverage that lasts a lifetime. But its value goes beyond protection. It grows with you, building guaranteed cash value over time, offering flexibility and financial support when you need it most. Whether you're starting a family, planning for retirement or just thinking ahead, whole life insurance can be a strong foundation for a more secure future.
What are the benefits of permanent insurance?
A whole life insurance policy isn’t just about a death benefit; it’s a long-term financial tool that offers protection, predictability and potential.
One of the most reassuring aspects of whole life insurance is the guaranteed lifetime coverage. Your policy stays active no matter how old you are or how your health changes over time. That means you can rest easy knowing your family will be taken care of, whatever life brings.
They’ll never increase, regardless of what happens with your health, income or age. That kind of predictability makes budgeting easier and it protects you from rising costs as you age.
You can even borrow against your cash value if you need it for emergencies, education or flexibility in retirement.
- Policy loans are tax-deferred if repaid.
- If you don’t repay the loan, the unpaid balances are deducted from your death benefit.1
Provide financial security for your children or grandchildren by purchasing a policy in their name while they’re young and healthy – when premiums are lower and there’s more time for cash value to grow.2
Whole life insurance allows you to make a guaranteed charitable donation by naming an organization of your choice as the policy’s beneficiary.
Which whole life policy is right for me?
Every family, every future and every financial journey is different. That’s why Amica offers multiple whole life insurance plans. With coverage ranging from $25,000 to over $20 million, you can choose what works best for you.
Policy option
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Premium payment period
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This is best for …
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Availability
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Whole Life 20
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Pay for 20 years
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Building cash value quickly or retiring early
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Up to age 80
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Whole Life 65
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Pay until age 65
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Those who want to finish payments before retirement
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Up to age 50
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Whole Life 100
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Pay to age 100
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Lower annual premium
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Up to age 80
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Terminal illness rider
All plans come with a built-in Terminal Illness Rider3, which allows you to access a portion of your policy’s death benefit if you’re diagnosed with a terminal illness.
Whole life insurance FAQs
There’s no one-size-fits-all answer. Do you want to cover funeral costs? Leave a legacy? Help a spouse or children financially? It depends on your family’s needs, financial commitments and long-term goals.
Whole life policies are generally fixed once purchased. But life changes, and we understand that. If your needs grow, you may be able to add additional coverage through a new policy. You can also lower your coverage after your policy starts, as long as it stays above the minimum amount allowed.
Yes, when life throws the unexpected your way, it’s reassuring to know you can access your policy’s cash value. These loans are tax-deferred and you can use the funds for anything, just keep in mind that unpaid loans reduce your policy’s death benefit.
Absolutely. Many of our term life policies offer a conversion option, meaning you can switch to permanent coverage within a certain period, regardless of your health. It’s a great way to maintain coverage as your needs evolve. To see if you qualify, speak with an Amica life representative or check your term life policy.
Your policy typically has a grace period. If payment isn’t received during that time, the policy may lapse but you may be able to reinstate it within a certain time frame. Whole life policies with cash value have certain nonforfeiture options (NFO) that allow you to continue the policy while discontinuing premium payments.
For nonforfeiture options (NFO), the face amount will be reduced or the face amount would stay the same but for a shorter time period.
Generally, your death benefit is income tax free for your beneficiaries. Your cash value also grows tax-deferred and loans are typically not taxable if repaid properly. Still, it’salways a good idea to consult a tax advisor to fully understand how your policy fits into your overall financial plan.
There is more to learn about life insurance
Discover the ins, outs, and everything in between.
What Is a Deferred Annuity?
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Life Insurance Policy issued by Amica Life Insurance Company.
Loans are subject to interest, and any unpaid loan balance, including accrued interest, will be deducted from your death benefit. If the loan balance exceeds the policy’s cash value (“overloans”), the policy may lapse. Unpaid loans, including loan interest, can also reduce policy cash value.
Although you may be the owner, payor and beneficiary of your minor grandchild’s life insurance policy, the child’s parent or legal guardian is required to be the applicant on the policy.
This rider allows you to receive a portion of your death benefit should the insured become terminally ill with a life expectancy of 12 months or less. Some restrictions apply and it's not available in all states. Please consult with an Amica Life insurance specialist for additional information.