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.
Benefits of Whole Life Insurance Brampton, Mississauga & Etobicoke
Guaranteed Death Benefit
Whole Life Insurance grows until your demise. Thus it is a guaranteed assurance, of protecting your family from any financial difficulty.
Your health condition at the time you purchase the policy determines the fixed premium you’ll pay your whole life. So if you are healthy now, it is not too early to purchase a Whole Life Insurance and enjoy lesser monthly payments.
Growing Cash Value
The cash value can be withdrawn from the Insurance and will be non-taxed until it exceeds the amount you’ve actually paid in.
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.