Introduction
Whole life insurance is a type of life insurance policy that provides coverage for the policyholder’s entire lifetime, as long as the premiums are paid. Unlike term life insurance, which only provides coverage for a specific period of time, whole life insurance remains in force until the policyholder passes away or surrenders the policy. The premium term can be either a single payment, for a limited period (limited-pay) like 3,5,10 years or for life.
Limited-pay options may be suitable as you will only be paying during the productive stage of your life and do not have to worry about paying after that.
What does the product cover?
In addition to providing a death benefit to the policyholder’s beneficiaries upon their passing, whole life insurance policies also include a savings component. A portion of the premiums paid by the policyholder is invested by the insurance company, and the policyholder may be able to borrow against the cash value of the policy or receive dividends from the investment earnings.
Whole life insurance is often more expensive than term life insurance, but it provides lifelong coverage and the potential for a cash value component, which can make it an attractive option for individuals who are looking for long-term financial protection.
Cost
The Whole Life insurance plan covers death, terminal illness, and total and permanent disability with financial protection. You can choose a standard plan or a customisable whole life insurance plan with additional protection at every life stage. Whatever your needs are, there is a plan that will suit you and your family.
Coverage amount
You’ll need to determine how much coverage you need to provide for your beneficiaries after you pass away. The coverage amount will affect the cost of the policy, so you’ll need to balance the coverage amount with your budget.
Investment component
Whole life insurance policies include a savings component, which can build up over time and provide additional benefits. You’ll need to consider the potential returns on this investment component and whether it aligns with your financial goals.
Health Status
Whole life insurance policies often require a medical examination before approval, so your health status may affect your ability to qualify for coverage. If you have pre-existing medical conditions or a high-risk lifestyle, you may need to pay higher premiums or seek alternative coverage options.
Long-term financial planning
Whole life insurance policies include a savings component, which can build up over time and provide additional benefits. You’ll need to consider the potential returns on this investment component and whether it aligns with your financial goals.
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