Whole Life Insurance
A Whole Life insurance policy is designed to provide insurance protection for your entire life, with built-in savings element, provided premiums are paid as specified in the policy. There are two major types of whole life: Participating and Non-Participating.
- Participating Whole Life insurance appeals to people who are not interested in managing day-to-day investment risk and are attracted to the historical stability of the insurance companies. Equally important are the guarantees inherent in a participating whole life policy: level premium guaranteed for life; level death benefit and; guaranteed cash surrender value increasing over time. Participating whole life policies are also eligible to receive policy dividends. While not guaranteed, dividends have the potential to enhance your policy’s long-term value while retaining a tax-exempt status.
- A non-participating whole life policy has a level premium and level face amount during your entire life. The advantages of such a policy are its fixed costs and relatively low premium. Since the policy is non-participating it does not pay any dividends.
Who Should Consider Whole Life Insurance?
For you
Whole life insurance is a good option for all stages in life. You choose the payment period, you are insured for your entire life and may also provide surrender values.
For your family
Nothing can replace the loss of a loved one. But it’s comforting to know that your loved ones will have the necessary financial support to help them carry on, no matter what. Whole life insurance protects your loved ones’ financial security for their entire lives.
For your children
Insurance coverage is also a precious gift to give to your children. By subscribing to coverage at a low price because of their youth, you guarantee them coverage that they can adapt to their needs as they get older.
For your business
Your business is your life’s investment, so you want to protect it. To guarantee its continuity, either by financing the purchase of a partner’s shares or giving your heirs the necessary time and assistance to find the right buyer, whole life insurance helps to avoid unpleasant surprises and helps keep your business prosperous.
