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In this post, we will be discussing whole life insurance.
If you are a member of this channel that keeps a record of our previous, then you should have known we discussed a topic similar to this one in our previous video.
And the topic was life insurance
But in this video, I will only explain everything that has to do with life insurance and it related topic.
For your own benefit, kindly watch this video till the end.
Now let’s begin.
What does whole life insurance mean?
Whole life insurance can be defined as a permanent life insurance policy that stays active till the death of the insurer as long as the premium cost is paid.
This type of life insurance covers the individual till he dies and even provides some benefits to the person’s relative after death.
Whole life insurance is a premium type of insurance and cannot be easily afforded by any person.
So if you have in mind subscribing to this type of life insurance package, then you should also have it in spending more.
That’s it.
What are the 4 types of whole life policies?
There are different types of whole life insurance policies that people can subscribe to.
These policies come with different advantages and disadvantages that the insurer can benefit from.
In this section, I will be listing the four major types of whole-life policies.
They are;
- Guaranteed issue of whole life insurance
- Indexed whole life insurance
- Single-premium whole life insurance
- Variable whole life insurance
These are the major type of whole life insurance.
The other types are;
- Joint life insurance
- Limited payment whole life insurance
- Modified whole life insurance
- Reduced paid-up whole life insurance
- Simplified issue whole life insurance
- Whole life insurance for children
That’s it.
Let’s move on.
Which is better term or whole life insurance?
A lot of people have been comparing term life insurance to whole life insurance.
Some say that term is better while others say whole life is the best.
But here, I will be clarifying the argument by providing the definition of both types of insurance.
What is term insurance?
This is the type of insurance that provides insurance coverage at a fixed rate over a particular period of time.
This type of insurance is not as expensive as life insurance.
Now lets me give the answer to the question, and it is;
Whole life insurance is better than term life insurance.
Our reason will be revealed in one of our future videos.
Let’s move one
Whole life insurance benefits
In this last section of this video, I will be listing the benefits of whole life insurance.
- Flexibility
- Future merits
- Full life insurance cover
- Building cash value
- Earning of dividends
- No expiry
That’s it
Conclusion
At this juncture, I hope you understand the full knowledge about whole life insurance and its a relative topic.
If you have any questions or inquiries, simply comment below.
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Thank You.