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This is a Life Insurance policy that covers you for your entire life, or until you reach the age of 95. You pay a fixed amount into the policy that will be paid out as a lump sum to your beneficiary/ies when you pass away. The policy builds value as a portion of your premiums are invested by your insurance company over your lifetime. As a payout is a certainty with this policy, the premiums are more expensive than other policies.
Advantages of Traditional Whole Life Insurance
Apart from a portion of premiums being invested, you can often choose how much of the premium is invested. This allows you control over your policy and the initial rates you have to pay. Additionally, if you decide you don’t want or need your Whole Life Insurance policy, you can cash in the policy and receive cash in return. In this case you won’t get out as much as you put in, but it does allow you the freedom to cancel the policy if you so wish.
While this type of policy won’t suit everyone, it’s always advised you do your research before you decide on what type of Life Insurance to go for. Compare policies and quotes online, to best inform yourself of the options available to you.
