The life insurance market has a wide range of options to choose from. There’s term life insurance, critical illness insurance; just to name a few. But above all, there’s one type of policy that looks like an ideal solution for your insurance requirements. It is the whole life insurance policy and as the name suggests, the policy only ends when the holder terminates the policy or passes away (the coverage does end after 120 years).

This may seem like a good option, ‘cause you won’t have to worry about renewals and looking for other options once the term is over. However, it is always advisable to know the ins and outs of any insurance policy before you sign on the dotted line. Here are some points that you should know before applying for whole life insurance.

• Lifetime coverage: Whole life insurance offers coverage for your whole life. As long as you keep on paying the premiums, you would have coverage, it is as simple as that. You always have the option to terminate the plan in case you want to look for other options
• Tax-free: The payments that you receive will be completely tax-free. After you pass away, your beneficiary will get the lump sum amount which would also be tax-free, this is known as death benefits and it’s guaranteed
• Fixed premiums: The monthly premiums that you pay will never increase throughout the lifetime of the insurance policy. You will not have to worry about paying extra on premium because of increased interest rates.
• Cash value: There is a cash value part on this type of policy where part of the premium you pay every month will be contributed to this component. It will increase over time and you can withdraw it at any time you want for anything you want, be it for an emergency or for a holiday
• Mortgage coverage: If you have bought a home, this insurance company will ensure that mortgage is paid off.
• Funeral expenses: In some types of whole life insurance policies, funeral expenses are also covered which can be up to $7000. Your family won’t have to carry the expenses.
• Education cost for your children: Even your child’s education costs can be covered under whole life insurance.

In a nutshell, whole life insurance and all-in-all policy which gives your family 360-degree financial security. You can get in touch with Harpreet Puri today for more details. If you apply with her help, she can take care of the paperwork as well. Get in touch with her today and schedule an appointment, you won’t regret it.