WHOLE LIFE INSURANCE

Did you know that Whole Life Insurance is also known as Permanent Life Insurance which means that a person who opts for a permanent life policy is protected for the whole duration of their life as long as the premiums are paid on time? The sum of the amount paid is decided at the time of the purchase of the policy and is paid to the nominee after the demise of the policyholder. Generally, the maturity age is of 100 years, in case the person dies before the maturity age, then the nominee receives the paid amount and in case of the outlive the maturity age, then the insurance company pays the matured endowment coverage to the policyholder.

Premium ids guaranteed
In the case of Whole Life Insurance policy, the premium amount is set and guaranteed and also it is unlikely to vary all through the life of the policy. So, when you choose an amount to pay for the premium you will have to pay the same amount through the duration of the policy until your demise.

Death Benefits
Whole Life Policy ensures that in case of the death of the policyholder, the whole amount which was paid during the policy duration is paid to the nominee selected by the insured person with some applicable bonuses if there are any. Thus, the insured person knows that even after their demise their family doesn’t need to hinder financial losses.

Cover for life
As the name suggests, Whole Life policy is meant to be for the whole life until the death of the beholder of the policy. It provides an assurance to your family that even after your demise your family will get support from you through the sum that you have paid to the insurance company while you were alive.

Generally, there are two major types of Whole Life Insurance Policy, both of them have different features. You can choose the best as per your requirements and needs, let us discuss these in detail:

It is a low-cost life plan with a face amount or level premium feature. It does not consist of any kind of bonuses or dividends as they are non-participatory. The advantages of this policy are that they are fixed costs and comparatively low premiums.

It is completely opposite to that of the non-participatory whole life insurance. In this type of policy, you may receive bonuses and the premiums are invested by the company themselves. Although it is not guaranteed that dividends will be received but in case you receive them, they will be paid in the form of cash.
There are several other types of whole life policy, which are:
· Level Premium Whole Life Insurance
· Limited Payment Whole Life Insurance
· Single Premium Plan
· Indeterminate Premium policy