Why You Need a Whole Life Insurance

[Mika]

Whole life insurance, as the name suggests, is a type of life insurance that provides coverage for the insured person from the time he/she is insured until death. It is also called permanent life or universal life insurance policy. The policy has a fixed premium and the insured person has to pay the premium until he dies. The policy will offer coverage lifelong.

The policy is comparatively expensive compared to other life insurance policies and not suitable for young people who are not married or do not have kids. However, if you have a family (spouse and kids), this is an ideal type of insurance plan as you will get a guaranteed death benefit payable to your beneficiaries (spouse, kids).

While life insurance plans have savings benefits and tax advantages. You have flexible premium terms, payable monthly, quarterly, or annually. The premiums are usually automatically deducted from your paycheck. When you have a whole life insurance plan, you also get tax deductions.

Even though whole life insurance provides you benefits to your beneficiaries upon your death, you will also provide coverage against big accidents and diseases (terminal illness.)

While term life insurance policies are aimed towards young people (people in their 20s or 30s), whole life insurance policies target middle-aged people (people in their 40s and 50s).

 

[Nightmare]

Whole life insurance is recommended for every individual or person to have . though , looking at the cost ... It's an expensive type of insurance but as a matter fact tact , even if it's expensive , so far it's going to serve you well and be of benefit to you then there's absolutely nothing to worry or panic about .
As a worker or individual Why do I need a whole life insurance ?
Whole life insurance tends to assure and guarantee you of a Good lifestyle to both you and even your beneficiaries. The amazing parr of this is that it's cover's your some financial upto death .