Understand Whole Life Insurance

Whole life insurance is a permanent policy that is guaranteed to provide life-long protection. Unlike Term life insurance where the premiums increase at time of renewal, Whole life insurance features fixed premiums for life. Some plans allow for the premiums to be fully paid up after a certain period of time as indicated in your policy.

There are two types of whole life policies:

Participating Whole Life - offer you the ability to invest in the profits of your life insurer, giving you greater flexibility in choosing your premiums and level of coverage.

Non-Participating Whole Life - Provides lifelong protection with level rates and coverage.

Depending on your needs some Whole life insurance plans offer a savings component referred to as cash value. After an initial period of time this cash value begins to grow and the accumulated funds can be used as you see fit.

For more information on Whole life insurance or to receive a free, no obligation quote please complete a short enquiry form and we will be happy to assist you.