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Whole life insurance is permanent life insurance that pays a benefit upon the death of the insured and is characterized by level premiums and a savings component.
Unlike term life insurance, whole life policies cover you for life and let you build savings in a cash value that you can tap for future needs.
1 Personal and family uses 4.2 Business uses 5 Level premium 6... For participating whole life policies, the interest charged by the insurance company for the loan is often less than the...
Protection that never expires, From day one, it can provide an income tax-free death benefit to help protect your family's financial well-being. It's coverage that lasts your entire life, as long as premiums are paid. ; Cash value that grows, for policy loans, funds to help supplement your retirement income, or even to keep coverage in force later in life by helping to pay premiums. ; Dividends can add value, 10 These can increase a policy's value beyond the growth rate guarantee and help build your overall wealth. Policyholders may use dividends to reduce premiums, buy additional coverage, or receive a cash payout. ; The cost never goes up, A whole life insurance policy has fixed premiums, meaning your payments to maintain your policy will never go up. As long as you continue to make premium payments, you're covered for life. You may be able to choose a limited payment policy that allows you to stop making premiums after a set period of time.
Term life insurance is temporary, covering you for a fixed period of time, while whole life usually lasts a lifetime. Learn more now.
Leave your loved ones a guaranteed lump sum payout when you pass away ; Last year, we paid out 99.7% of life insurance claims (Vitality Claims Report 2024) ; Cover against inheritance tax
Life insurance for your family can come in various forms, from life cover for you to critical illness insurance for the whole family. If you have a family, then life insurance could provide a financial safety net in case you can’t be there to support them yourself. The payout from a valid life insurance claim might help cover expenses. For example, large loans, household bills or simply maintaining your family’s standard of living. Let’s take a closer look at life insurance for families, and how it could give you all more peace of mind.
Life insurance offers a combination of benefits when you pass away and while you're still alive. These benefits can have long-lasting impacts for your family, too.
Whole Life Insurance · Protection for your entire lifetime · Premiums usually start higher · Plan builds up cash value that can be used to supplement retirement years · Cost per dollar of sum assured is higher · View whole life insurance plans ; Term Life Insurance · Protection for a fixed time period · Premiums usually start lower but may increase with age upon renewal · Plan has no cash value · Cost per dollar of sum assured is lower · View term life insurance plans