Whole Life Insurance Policies

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.

A few reasons on why you should get whole life insurance

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 provides an insurance cover for your whole life and to your beneficiaries when you pass away
  • When you retire from your daily work, you will get a steady flow of cash from the savings that you have built up over time
  • Insurance policies have significant tax benefits and you can save a good amount of cash if you have invested in the same

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.

A few things you should know

  • Whole life insurance policy can be canceled or revoked if you stop paying the premiums in which case, you can receive the cash value
  • Your health condition at the time of your purchase determines the premium amount that you will pay the entire period
  • The cash value withdrawn from the insurance is non-taxable
  • The fixed premium that you would be paying might be high when compared with Term Life Insurance, but on monthly payments, it is less
  • The cash value that you get against the insurance can be borrowed as collateral for a third party loan

Our team members can always offer you unbiased advice with your interests in mind. Contact us today for more details. Our services are available to customers.

FAQ

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.

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