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Whole Life Insurance
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Whole life insurance is one of the two main life insurance products that the vast majority of insurers offer at the moment, with the other being term life insurance. The two products are very different and suit people with different requirements so it is important to find out more about both before you finally settle for one policy. Also known as permanent life insurance, whole life insurance covers you for as long as you meet the premium payment every month and only comes to an end in the event of your death or a cancellation or withdrawal of your policy. |
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Whole life insurance is unique in that it has an element of insurance and an element of investment. Of course, it will pay out in the event of your death whilst your policy is still current. However, the investment element accumulates until it reaches a guaranteed payout and then you can access that as and when the terms of your whole life insurance policy allows. This may be milestone based or a one off payment following the completion of a certain number of payments or years. |
As with other life insurance policies, the whole life insurance available has monthly premiums that are calculated based on your age, health and overall habits, such as smoking. The younger and healthier you are, the lower your premiums will be. There is one difference between whole life and term insurance though and that is that the former is usually more expensive because of the investment aspect. As such, you have to weigh up your wants and needs before choosing this form of life insurance.
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