whole life insurance

Whole Life Insurance

• Cover risks for entire lifetime of the life insured.
• Premiums remain level for life of the policy.
• Build Cash surrender value (CSV) over time.
• Premiums, death benefit amount, and cash values that are guaranteed for your lifetime.

Premium Options

Ongoing – lifetime payment (Pay to age 100)
Single – one lump sum payment (Paid-up policy)
Limited payment – Pay for a specified period (10 year Pay, 20 year Pay)

Whole life insurance offers

Participating policies – where policy holders may receive dividends. These dividends can purchase additional whole life insurance (paid-up insurance) and build additional cash value, be left on deposit to accumulate with interest, can use dividend to reduce next years premiums, or be paid in cash and use dividend as a single premium to buy additional one year term insurance.
Non-Participating policies – where policy holders do not receive dividends, but premiums are generally lower

Non-Forfeiture benefits- Benefits are available if you cancel your policy:

• Cash Surrender Value (CSV) – net of any policy loans + interest.
• Automatic Premium Loan (APL) – insurer will automatically make a loan against the CSV to pay the missed premium.
• Reduced Paid-up Insurance (RPU) – use CSV as single premium to buy a reduced amount of paid-up insurance.
• Extended Term Insurance (ETI) – use CSV to keep same level of coverage for X number of years.