menu
7 things about licensed money lender youll kick yourself for not knowing
7 things about licensed money lender youll kick yourself for not knowing
7 things about licensed money lender youll kick yourself for not knowing

The whole Life Insurance is a form of permanent insurance policy. It provides just what its name implies, insurance coverage for the entire life of the insured.

This means to say that as long as the premiums are paid, the coverage continues until the insured dies or reaches some predetermined advanced age (usually 100 years old).

The expression of "Whole Life" insurance has no reference to the period in which the premiums are paid, only to the duration of the protection, i.e. protection for whole of life.

The limited payment policy is designed for people who desire to have the lifetime protection offered by a Whole Life policy but who do not like the idea of paying premiums for their entire lives. Under this policy, the insured can pay the premiums for a specified number of years (i.e 8 or 15 years) or up to a specified age (e.g. age 55). The insurance cover will continue for the rest of the insureds life.

Features/ Benefits of Limited Payment Whole Life Insurance

1) It is a whole life insurance policy that provides lifetime insurance protection with a limited moneylender-personal-loan premium payment term (e.g 8 or 15 years). So that people worry of the affordability in their old age.

2) Though Whole Life insurance emphasizes protection, it also has some type of savings element in addition to the death benefit. This savings element is known as "cash value", meaning that the insured can cash out the Whole Life policy by surrendering