Life is full of uncertainty. So it’s important that your beloved ones remain secured and financially supported even after the event of your death. So its important to know which life insurance policy will help to keep your family financially secured in future. Whole life insurance policy could be the best answer...
However, it’s evident and of no amazement that people get confused and perplexed with so many different types of life insurance available, about what life insurance means and which one to choose that will work beneficially for them and their dearest ones.
To common awareness, people think life insurance to be a source of financial support that helps them to pay off their bills and help a roof over their head.
But suppose, unfortunately, in future if you get delayed with your salary or you are out of your job or meet with an accident, would you like your dependants to be in any financial difficulty? Certainly not!
Having a life insurance policy is the solution to this. This also holds your financial affairs and runs smoothly even after the event of your death.
This what exactly a whole life insurance policy assures you of – to keep the insured person financially secured for the whole life with the total sum assured which is payable upon your death.
Some whole life insurance companies have policies that offer you “with profit” option where an insured person gets bonus in addition to the total sum assured.
It has certain features like whole life cover, cash values, generation of dividends, and consistency in premium (unlike other life insurance policy such as term life insurance policy), etc, that make it really unique and distinguished from others.
More over the use of dividends can minimize the premium that you pay.
In case you decide to cancel the policy you are paid with the “cash values” which grew as the premium was being paid.
Whole life insurance policy allows you to create a source of cash reserves with the payment of regular premium with all taxes deferred. It can also be used as supplementing retirement income.
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