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Whole Life Insurance Provided By Our Agency

A whole life insurance policy or permanent life insurance provides life coverage until the death of the life assured. The policy stays in force throughout the life as long as the life assured pays the premium

What is a whole life plan?

A whole life insurance policy or permanent life insurance provides life coverage until the death of the life assured. The policy stays in force throughout the life as long as the life assured pays the premium. The sum assured or the coverage is decided at the time of policy purchase and is paid to the nominee at the time of death claim – when the life assured dies. Usually, the maturity age is 100 years. If the life assured dies before the age of 100 years, the nominee receives the sum assured. However, if the life assured outlives the age of 100 years, the insurance company pays the matured endowment coverage to the life insured.

Benefits of a whole life plan:

  • Premiums of the plans are very low since both plans cover only death risk
  • Since the premiums are low, individuals can afford to buy a high level of sum assured under both the plans. This high level of sum assured ensures financial security for the insured’s family if the insured dies during the policy term
  • Coverage under term plans is allowed for longer durations. In the case of whole life plans, coverage runs till 99 or 100 years of age
  • Many terms and whole life plans have inbuilt riders which aim to increase the scope of coverage of the plan. Common riders which come inbuilt include accidental death and disability benefit rider, terminal illness rider, critical illness rider, etc.
  • In many plans, the death benefit is also paid in monthly installments to create a regular source of income for the family.
  • Your premiums are fixed and will never go up, regardless of market conditions.
  • You may be able to withdraw funds or take out a loan.
  • Your death benefit is guaranteed as long as you make the required premium payments.

Why is a whole life insurance plan important and why should you get one?

The purpose of a whole life policy is to provide a life cover for the financial protection of your family through your working life. The policy then doubles up as an estate plan after your retirement. Thus, whole life insurance is a great tool for wealth transfer. As our life moves forward, our expenses continue to mount. We work hard to ensure that these expenses are not overwhelming at any life stage. However, we should always plan for future uncertainties – life insurance can help you stay financially strong during difficult times and provides protection to your family in your absence.

Already have Whole Life Insurance? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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