Whole Life insurance is insurance for the whole life of the life assured and requires certain premium to be paid every year. It can be single premium policy with or without profits policy. As per the name itself it has no specific term unlike a term plan which is only for a certain period of time. Unlike a term plan whole life insurance accrues cash over time and if you cancel the policy after certain period of time Insurance Company pays the surrender value to you. The cash value is scheduled to be equal to the face value when the policyholder reaches the age of 100.
Whole Life Insurance policy is desgined to leave an inheritance after the death of the life assured. Should you have a query related to Whole Life Insurance submit here.
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