Whole Of Life Insurance
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Whole of Life Insurance: What You Need to Know
Overview
Whole of Life Insurance is a type of life assurance available through various insurance providers. It's essential to consult with an authorized financial adviser to understand this coverage fully.
Purpose
Typically, this insurance is chosen for family protection to ensure a lump sum is available to dependants upon your death.
Coverage
As the name suggests, Whole of Life Insurance offers coverage for your entire life. Regardless of when you pass away, the policy pays out if you continue paying premiums. This contrasts with Level Term Assurance, which only provides a payout if death occurs within a specified term. Consequently, Whole of Life Insurance is generally more expensive than Level Term Assurance.
Premiums
Premiums are often invested in a fund, with the cost of coverage deducted from it. After 10 years, policies undergo a review to ensure the fund can maintain the desired coverage level. If insufficient funds remain, you may need to increase premiums. Reviews typically occur every 5 to 10 years. Should you decide to cancel, there may be a surrender value payout.
Additional Options
Whole of Life Insurance policies often offer various options, such as automatic annual increases in coverage or premiums. You can also include Critical Illness cover, which pays a benefit upon the diagnosis of major illnesses like heart attack, cancer, or stroke, or death, whichever comes first.
Conclusion
Whole of Life Insurance is a versatile policy offering numerous options. It's crucial to seek advice from a qualified financial adviser to determine if it suits your needs.
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