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How The Policy Works

Whole life policy refers to permanent life insurance as it provides life-long protection and guaranteed sum assurance. For choosing whole life policy, you have to pay a fixed amount of premium for life rather than the increasing premiums found on renewable term life insurance policies. Technically, whole life insurance is not related to term life insurance.

Whole life policy offers cash values, which is the cash available to you if you need cash any time. The premiums in this policy are higher than term life premiums and are guaranteed to remain level for as long as you own your policy.

As long as you pay the premiums, the death benefit will be allocated. Whole life policy is intended and priced for you to keep over a long period of time.

Always remember that if you�re not sure that you�re going to keep this kind of insurance policy or you think that this is a wrong type of insurance for you. In that case, you should look at term life insurance.

Whole life policy ensures something that will unfortunately happen for certain - one�s death, where as Term insures the possibility of you dying during the term period, whether that is 1 year or up to 30 years depending on the type of term insurance you get.

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