Life is uncertain and in the untimely event of someone passing away, their family might face financial crisis in his or her absence. A Whole Life Insurance plan can resolve this problem, and even in the event of a mishap, you can rest in peace that your loved one will go through any such condition. For whole life insurance services, get in touch. We serve customers and the surrounding areas.
The question should not be why you should but why you shouldn’t. Whole life insurance gives you complete peace of mind. As we all know, good or bad, life is full of surprises, and sometimes the worst things happen when you least expect them. At least, with Whole Life Insurance Brampton, you can plan ahead, so your loved ones have a financially stable life even when you are not there. Read on to for more reasons on why you should get a Whole Life Insurance plan
It’s always better to plan ahead
You may never know when death comes or you, but when it does, you should have complete peace of mind knowing that you have done your bit so your loved ones don’t suffer when you are not there anymore. That’s why it is important to choose a whole life insurance plan where your beneficiaries will be paid the amount no matter when you die.
There are two types of life insurance that you can choose between. One is the non-participating one where there is a guaranteed cash value involved and the other is the ‘participating’ option where the cash involved is variable depending on the depending on your premiums and dividends. The dividends involve are paid on the basis of interest rates depending on the insurance company’s profitability.
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If you surrender the policy at a later date, the cash value, if any, will be returned to you. If you stop making premium payments you can receive the cash value or use that cash value to provide a paid-up insurance benefit.
Your health condition at the time you purchase the policy determines the fixed premium you’ll pay your whole life. So if you are healthy now, it is not too early to purchase a Whole Life Insurance and enjoy lesser monthly payments.
The cash value can be withdrawn from the Insurance and will be non-taxed until it exceeds the amount you’ve actually paid in.
Whole Life Insurance grows until your demise. Thus it is a guaranteed assurance, of protecting your family from any financial difficulty.
You will be paying fixed premiums throughout your life. It may be high compared to Term Life Insurance with the same coverage, but are much less than the monthly payments of an extended Term Life Insurance for the whole life.
In case of Participating Whole Life Insurance, the insurer receives dividends which fluctuate according to the performance of the Insurance Company.
In Whole Life Insurance, a part of your premium builds a cash value which can be borrowed against the Insurance. It is a tax-deferred amount. The cash value also acts as a collateral to enable you to avail a loan from the third party.
This policy covers the entirety of your lifetime and after you retire, you will have a steady cash flow in the form of cash value if designed that way.
Yes, and it will be returned to you or your beneficiaries ( if the untimely event of your death).
Absolutely not. You use the amount to repay your loan, credit card bill, on home renovation, anywhere you want.
Then policy lapse
You can pay it over a period of 10-20 years or till the age of 65 or till age 100.
Mrs. Harpreet Puri is always friendly and professional and answers all of our questions with infinite patience. Helped us a lot in our health insurance. She is the best advisor.
Wonderful personality and very professional lady . Best knowledge of all the product and I m so happy with her service. Thankyou