As the name says, Whole Life Insurance is a type of policy that offers coverage for your entire life. It is often referred to as “straight life” or “permanent life” All you have to do is pay your monthly Life Insurance premiums and you will get coverage for financial problems, health problems and much more. The maturity age for this policy is 100 years and if you live through your policy will become matured endowment. Whole Life Insurance Brampton also has a cash value component that you can access at any time.
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Three Types Of Whole Life Insurance Policies
- Traditional Whole Life Insurance: This policy offers complete coverage and a minimum return on the cash value component
- Single Premium Whole Life Insurance: You will pay the entire premium amount when you’re buying the insurance and will reap the advantages of complete coverage and cash value returns.
- Interest Sensitive Whole Life Insurance: This policy offers a variable rate on the cash value portion. It is more flexible and you can increase your death benefits without raising your premiums making this option widely popular with Canadians.
There are other categories such as participating and non-participating and level and limited payment Whole Life Insurance policies. You can contact Rupinder Rai for complete details on all of them
What Are The Advantages Of Whole Life Insurance in Brampton?
- Other types of Life Insurance policies expire, which means after a certain period you will not get any coverage. That’s not the case with Whole Life Insurance; you get coverage for life and you also invest in the cash value portion of the policy
- When the insured dies, the beneficiaries will get a lump sum amount as death benefits which are completely tax-free
- As there is a cash component in the policy, it also serves as a source of cash. A part of your premium goes into the cash value portion. If you are not able to save money, this insurance can help you with savings. The survival benefits (as it is known) will keep increasing over time.
- The surrender value of the policy also increases over time and you can borrow funds against it at any time during the term
Should You Apply For Whole Life Insurance?
Whole Life Insurance Brampton is an ideal option for anyone who doesn’t want to go through the entire process of getting an insurance policy every 10 years or see. You will have only one policy until the day you die. It is also a good option for those who have made investments for post-retirement requirements and are looking for new opportunities to invest in. Also if you have an estate and you want to make sure all your inheritance is transferred to your beneficiaries without any problem then this policy is a perfect choice. However, applying for Life Insurance is a long-term investment you should think about it before going ahead. You can get in touch with Rupinder Rai for unbiased advice. She will be glad to assist you.