There are various benefits of opting life insurances but opting for the right one is very critical. Amongst them is the Whole Life Insurance Plan. Unlike term insurance plan that expires at the end of a specific period, a whole life plan covers the entire life of an individual. The policy also provides survival benefit to the life assured, and also carries a cash value content that increases with time.
The policyholder can even take a loan against the same. If he dies before repayment, the insurance company reduces the death benefit accordingly.
Since insurance is also termed as permanent life insurance because it provides risk cover for your entire life span. Whole life insurance provides the dual benefit of bonus and life cover, and the premium for it is paid for the first 10-15 years, and then the cover gets extended till the entire life of the policyholder.
The benefits of opting for a Whole Life Insurance Policy are:
Covers the entire life of the insured
Provides loan facility against the policy to the insured