Whole life insurance carries
no time limit (unlike term life insurance coverage) and pays out
the insured sum whenever you die. This type of life insurance tends
to carry higher premiums, as there is a certainty that a payment
will be made by the insurance company to the policy holder. With
some policies you will have to keep up premium payments until you
die, but with others you will only have to pay premiums until a
certain age, these are described as 'paid up' policies.
There are basically three types of whole life assurance. 'With
Profits' means that an annual bonus is added to your policy, which
is linked to the profitability of your insurance provider. 'Without
Profits' means that no bonus is added to the policy. Finally, a
'Unit-Linked' policy means that a portion of your premium payments
are invested, with the goal of adding to your eventual pay out amount.
Whole life insurance policies are suited for those who want permanent
protection and security for their dependants. You will be paying
a fixed premium and accumulating a nice savings, which could be
useful for cash emergencies, unexpected expenses, or even retirement.
Most insurance companies will also let you borrow against the cash
value of your whole life insurance at competitive rates, making
it unnecessary to forfeit your coverage or seek out other loans.
Premiums can vary greatly among policies and insurance companies.
We can advise you on the insurance company's bonus record and performance
of their investment funds to help you make an informed choice.
Get
an online quote today!
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