Whole Life Insurance is a type of permanent life insurance that is valid throughout the lifetime of the insured. It has two parts to it. Apart from providing a death benefit, it also contains a savings component. A part of the premium goes into this savings component and accumulates as cash. Thus, the insured gets the added benefit of withdrawing this amount or borrowing against it during emergencies.
These two-pronged benefits come in as a return for regular and timely premium payments.
If the insured has a mortgage, loss of life can lead to foreclosure of the house. Life insurance ensures that the mortgage is paid, and the family can continue to live in the house.
Life insurance can take care of concerns about the family and ensure that the family continues to enjoy their current lifestyle.
Provide for the care and education of dependents and spouse with whole life coverage.
Finally, it can provide money to cover the cost of funeral services
Whole Life Insurance could be the answer to your concerns
Whole life insurance guarantees a death benefit. Since it is valid for the lifetime of the insured, it is a comprehensive policy. The beneficiary gets a lump sum amount upon the death of the insured.
The savings component allows the insured to build a fund. Depending upon time when the insured wants to use the funds, there will be an option to either withdraw it or take a loan against it.
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