Whole Life Insurance
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 & Etobicoke
Whole 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 QuicklyGrowing 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.
Fixed Premiums
You will be paying fixed premiums throughout your life. It may be high compared to Term Life Insurance with the same coverage, but are much less than the monthly payments of an extended Term Life Insurance for the whole life.
Dividends
In case of Participating Whole Life Insurance, the insurer receives dividends which fluctuate according to the performance of the Insurance Company.
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.
Tax Benefits
The cash value can be withdrawn from the Insurance and will be non-taxed until it exceeds the amount you’ve actually paid in.
Health
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.