Whole Life Plan
The whole life plan assures you for the entirety of your life. So, a whole life policy will be in force until the insured's 100th birthday. This plan offers life insurance and a bonus component, as the name suggests, for whole-life. The policy does not expire if payments are up to date. Premiums won't change during the policy's lifetime, and provide guaranteed maturity benefit or death benefit, whichever is earlier.
Whole life insurance works as a policy that builds a bonus over time. As long as due premiums are paid, the policy remains active for the entire life of the policyholder, and will receive either a maturity benefit, or beneficiaries will receive a death benefit upon the insured's death.
Bonus - A living benefit that works as a safe
investment and savings account the insured can access throughout their
lifetime. Funded with a portion of the premium payments, the amount earns
interest and builds cash value on a tax-free basis.
Riders - Insurance riders enhance the coverage and
modify the terms of a policy. For example, you can enhance your protection by
adding an “accidental death benefit rider.
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People who benefit from whole life insurance -
Whole life insurance works for people that want long-term savings and
protection:
• Parents – To ensure your children's financial
well-being (fund education, build a trust for children with special needs, etc.)
• Couples – To cover daily and future living
expenses, such as mortgage payments, for a spouse or partner
• People who need estate planning – To help your
loved ones cover estate taxes, asset management and other death-related
expenses in case of the policy owner’s unexpected or accidental death.
• Businesses that need to insure a “key employee”
– To buffer any financial setbacks after the loss of an essential employee.
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