The beginner's quick guide to whole life insurance

 



Life insurance is probably one of the most important forms of insurance out there. The coverage gives you immense peace of mind by assuring you that your family will be financially secured if something unfortunate happens to you.

Now, when buying life insurance, you will have to choose between term life insurance and whole life insurance. Term life insurance only covers you for the specific term pre-decided by you at the plan’s start date. Whole life insurance covers you for the entirety of your life. In this article, we will take a look at the meaning of whole life insurance and what this form of coverage provides.

What is whole life insurance?

Whole life insurance is a form of insurance that covers you against death, terminal illness, critical illness, and total permanent disability. The coverage lasts for the entirety of the insured person’s lifespan. The premiums, however, need to be only paid for a certain limited period post which you continue to enjoy protection. Most insurers offer a premium payment period that lasts anywhere between 5 and 35 years.

Some insurers also offer you an option called the ‘multiplier benefit’ on your whole life insurance plan. Under this benefit, you are allowed to boost your coverage up to 5 times until a certain age (usually between 65 to 80 years). This means that if a claim is made within this age limit, payout will be multiplied by 2X, 3X, 4X, or 5X as selected by the insured individual.


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