There are two types of Whole Life Insurances:Non-Participating Whole Life Insurance - under which there is a guaranteed cash value is involved Participating Whole Life Insurance - there are two cash values are involved (non-guaranteed)The guaranteed cash values are the ones that depend on your premiums, and the non-guaranteed cash values are the ones that depend on your dividends. The dividends are paid according to the interest rates depending on the Insurance Company's profitability.
Planning to buy Whole Life Insurance in Brampton, Mississauga & EtobicokeWhole Life Insurance is like any other Life Insurance providing your beneficiaries a specific amount in the case of your demise. Call Harpreet Puri at 1 844-542-4678 to get a whole life insurance Quickly
Growing Cash Value
In Whole Life Insurance, a part of your premium builds a cash value which can be borrowed against the Insurance. It is a tax-deferred amount. The cash value also acts as a collateral to enable you to avail a loan from the third party.
Guaranteed Death Benefit
Whole Life Insurance grows until your demise. Thus it is a guaranteed assurance, of protecting your family from any financial difficulty.
Can be revoked or canceled
If you surrender the policy at a later date, the cash value, if any, will be returned to you. If you stop making premium payments you can receive the cash value or use that cash value to provide a paid-up insurance benefit.
In case of Participating Whole Life Insurance, the insurer receives dividends which fluctuate according to the performance of the Insurance Company.
The cash value can be withdrawn from the Insurance and will be non-taxed until it exceeds the amount you’ve actually paid in.