- The Purpose of taking insurance cover is more permanent and the needs for protection extends beyond the policy period
- The policy holder may uninsurable after the age of 65 or 70
- Term assurance may not work in such situations
Whole Life Insurance Plans
- It is an example of permanent life insurance policy throughout the life
- There is no fixed term of cover but the insurer offers to pay the agrees death benefit when the insured dies, no matter whenever the death might occur.
- Whole life premiums are much higher than term premiums.
- Cash Value: After taking the amount of money it needs from premium to meet the cost of term insurance; the balance money is invested on behalf of the policy holder.
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