Whole life insurance provides guaranteed lifetime coverage; the premium you pay is fixed and doesn’t change from year to year. There are available with or without a cash surrender value, you can choose between paying your premiums over a certain time frame such as 10, 20 years or until you reach age 100. Whole life insurance that has cash value option, builds up significant savings/investments over time. You can use the savings as collateral to take out a loan or use the money for any reason if you surrender the policy before you die. Some whole life policies also entitle you to dividend payments from the insurance company.
• Get you started on your retirement and succession planning especially for business owners
• Leave money to your loved ones and charities.
• Help maintain your families and loved ones’ quality of life
• Fixed and guaranteed premiums
• Cash surrender value, which increases over time and may be used to finance your projects – down payment for house, car
• Option of adding insurance products or riders such as life insurance for your children or critical insurance