Whole life plan is a type of insurance plan, which provides risk cover for the entire life of the assured. These plans are structured in such a manner that the policyholder has the option to pay premiums up to a certain age, say for instance, 80 years.
This age is commonly referred to as the ‘maturity age’. On attainment of the maturity age, the policyholder no longer has to pay the premiums. At this stage, most of the insurers offer an option to the policyholder either to continue with the cover or to en-cash the maturity proceeds.
In case the policyholder opts for the cover, he would not have to pay any further premiums and the cover would continue unto his death. On the other hand, if he opts otherwise, he receives the maturity proceeds and the policy ceases to exist.
The primary advantages of whole life insurance are:
- Protection for life: It doesn’t expire or go down in value.
- Level Premiums: The rate you pay for your policy will never increase.
- Cash Value: A portion of your premium builds cash value which can be borrowed against.
- Guaranteed Death Benefit: The amount your loved ones receive is guaranteed.
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