Whole life insurance is a type of life insurance policy that provides lifelong coverage and includes both a death benefit and an investment component. It is a popular option for individuals who want permanent life insurance coverage and the potential to build cash value over time.

 

How it works ?

  • Your beneficiary receives a tax-free lump-sum payment called the death benefit.
  • In the case of joint coverage, the benefit can be paid out after the surviving spouse dies.

 

Ideal for you and your loved ones !

The right choice if you want to:

  • Leave an inheritance for your loved ones.
  • Stay insured, no matter what happens to your health.
  • Accumulate tax-sheltered funds for your final expenses.
  • Support a cause that’s important to you.

 

Level Premium Opportunity:

Whole life insurance policies also offer a level premium, meaning the premium amount remains the same throughout the life of the policy. This allows for better budgeting and planning, as you can anticipate the premium amount and plan accordingly.

 

Customize Your Coverage:

Customize your coverage and remain fully protected whatever the future holds:

  • Insure all your children, including any future children, and guarantee their insurability.
  • Cover you and your children in case of fracture, loss of use of a limb or dismemberment.
  • Pay no premiums if you become disabled while covered.
  • Increase your insurance amount as your needs change, without having to provide proof of good health.

 

Benefits of Whole life Insurance:

  • The primary benefit of whole life insurance is its lifelong coverage.
  • It is designed to provide coverage for the entirety of a person’s life. This means that as long as you continue to pay your premiums, your beneficiaries will receive a death benefit upon your passing.
  • Another significant advantage of whole life insurance is that it includes a cash value component. This means that a portion of your premium payments is invested and grows over time. This investment component can provide a source of savings or even a potential source of borrowing in the future.
  • The cash value of your policy can be used to pay your premiums, which can be especially helpful if you are facing financial difficulties.
  • Whole life insurance policies also offer some tax advantages.
  • The cash value of the policy grows tax-deferred, meaning you do not have to pay taxes on the investment gains until you withdraw them. Additionally, if you pass away, your beneficiaries typically do not have to pay taxes on the death benefit they receive.

 

All in all, whole life insurance offers lifetime coverage, a cash value component, and level premiums. It’s an excellent option for individuals who want a combination of life insurance coverage and investment opportunities.