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Whole Life or Permanent Life Insurance

What is Whole Life policy and who benefits the most?

Whole Life Insurance is a type of permanent life insurance policy which provides insurance protection for your whole life with a guaranteed death benefit and guaranteed premiums. Whole life insurance is designed to cover permanent needs. Although it is more expensive than term insurance, whole life has many attractive features that term plans do not have. For instance, the death benefit is guaranteed for life. So is the premium.

Premiums are fixed and can be paid for life or can be paid for a specific period of time, such as for 20 years or until age 65. Most whole life Insurance policies have cash surrender values. The cash surrender value is the amount of money you would receive if you decide to terminate and cash in your policy.

Advantages:

  Permanent coverage, no need to renew it
  Guaranteed level premiums; no surprises
  Limited pay period available
•  Cash surrender values
  Dividend payouts if participating type of policy

Disadvantage:

•  Higher initial premiums

Please feel free to email or call us for any questions or for a free no-obligation quote.


Non-Med Canada
Tel: 416-546-1167 
Toll-free: 1-800-656-1876
Email: 
info@nonmedcanada.ca
 

 

 

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