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What is Whole Life Insurance Policy?
Whole Life Insurance is a type of Life Insurance. Life Insurance as we know is a financial cover designed to mitigate risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the household. This impact of the financial loss to certain degree can be offset using a Whole Life Insurance product or for that matter any other Life Insurance product.
As the name suggests, Whole Life Insurance is for the whole life and not just for a specified period, as in Term Insurance. Whole Life policy does not have an end date and as a result only the death benefit exists and is paid to the named beneficiary. The policyholder in a classical Whole Life Insurance plan is not entitled to any money during his or her own lifetime, i.e. there is no survival benefit.
Features of Whole Life Insurance Coverage?
Whole Life Insurance, like Term Insurance, pays beneficiaries a specific amount of money upon Policyholder's death. The primary difference between Term Insurance and Whole Life Plan is that Term Insurance provides coverage for a defined period (10 or 20 years, for instance), while Whole Life Insurance pays its benefit as long as premiums have been paid.
Once whole life coverage has been issued, it cannot be revoked, reduced or cancelled except in cases of non-payment or fraud. This makes Whole Life Insurance appealing because it provides a degree of certainty. The primary advantages of Whole Life Insurance plans are:
- Protection for life – It doesn’t expire or go down in value.
- Level Premiums – The rate you pay for your policy will never increase (for some products).
- Cash Value – A portion of your premium builds cash value which can be borrowed against.
- Guaranteed Death Benefit – The amount your loved ones receive is guaranteed.
The decision to purchase Whole Life Insurance rather than Term Insurance is a personal choice and depends on your finances, age, and coverage goals. The first part of the decision-making process when it comes to choosing between Whole Life Plan and Term Insurance is cost. Whole Life Policies cost significantly more than Term Insurance policies for the same amount of coverage.
The process of deciding whether or not to purchase a Whole Life policy begins with determining your life insurance needs. To get the Best Whole Life Insurance Plan, please contact a licensed Life Insurance expert of Bimadirect who will be able to guide you with selection of the right Whole Life policy for you so that you can protect your family.