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Whole Life Insurance

Whole Life Insurance PolicyLife Insurance Protection can be purchased from three broad categories.  The three categories are Term Life, Whole Life or Universal Life.

Whole life : Whole life Insurance is a type of permanent non-participating life insurance. It’s called permanent because a whole life policy provides life-long protection and is guaranteed to do so by the insurance company. With whole life, you pay a fixed premium for life instead of the increasing premiums found on renewable term life insurance policies. The term non-participating indicates these types of policies do not receive dividends, bonuses and are not linked directly to the performance of the company.  There are also participating life insurance whole life policies.

Since the word “term” in term life insurance means a period of time, one could say that the term for whole life insurance is the duration of all of your life. Unlike term insurance, whole life is designed for long-term planning with the idea that death is inevitable.

There are a variety of permanent non-participating plans that can be adapted to a variety of personal insurance needs such as estate planning, educational or retirement income funding.

There are many factors to consider when choosing a Whole Life plan, so its important to understand how your plan works and which factors can have an impact on your policy and its values.

How it Works
Once your whole life policy is in effect, the premiums you pay are fully guaranteed and will never increase. Some policies on the other hand, have a guaranteed pay period, which will allow your plan to become fully paid-up after a given length of time as indicated on your policy.

While some whole life plans do not have any cash surrender value (CSV), others will. Plans that have CSV as part of their features will usually begin to grow after an initial period of time has passed. Once this initial period is satisfied, the CSV will increase with each policy anniversary. All values available on eligible plans are fully guaranteed in the contract.

The exception to this is if there are any outstanding premiums due, if there are any policy loans or if there has been a surrender of coverage. These features are described in your policy contract.

The cost for insurance coverage depends on the risk classification of the insured(s) as well as the amount and type of insurance coverage you purchase.

A permanent participating life insurance plan emphasizes long-term growth in total cash values while providing lifetime insurance protection.

Participating life insurance is flexible permanent insurance which provides:

  • A core of guarantees for basic premium, death benefit and cash surrender values
  • Eligibility to earn policy owner dividends
  • A tax-advantaged investment component
  • A choice of riders and benefits
  • Premium flexibility

Features and Benefits
Whole Life policies are designed to meet your long term insurance needs. You can increase your insurance coverage or add other types of coverage as required (subject to availability and proof of insurability). You can also decrease your coverage, subject to plan minimums.

Once you begin paying premiums, some plans will offer various benefits such as cash surrender values, paid-up values, extended coverage and policy loan provisions. Each benefit is outlined in the contract.

Guarantees
Most Whole Life plans have the following guarantees:

Cost of Insurance
– The cost of insurance rates stated in the policy are guaranteed not to change. The only exception to this is any limited-pay plans where the rates are guaranteed not to change for a limited period after which no further premiums are required.

Cash Surrender Values
– All cash surrender values, if any, are guaranteed in the contract.

Paid-Up Values
– All paid-up values, if any, are fully guaranteed in the contract. Amounts and dates available will vary between plans and are stated in the contract.

Premiums
Your premiums are calculated according to your age, sex, and smoking status as well as an assessment of your health and lifestyle.

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