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Whole of Life
The idea behind whole life, or whole-of-life, insurance is that the policy pays out a lump sum to your dependents when you pass away. The main advantage of taking out a whole life insurance policy is that it lasts as long as you do and does not require renewal at any stage. You simply pay a monthly premium. When you die, your loved ones will receive the pay-out.
With a whole life insurance policy from Continental, you will receive a contract that includes premiums for insurance and investment components, protecting you for your entire life. Upon death, your loved ones will receive a predetermined amount.
When you talk to the life insurance experts at Continental you will be presented with a full range of options. You can choose to purchase a whole-of-life plan and then pay in monthly or annual instalments, or elect to pay a one-off sum. You may have the option to add extra insurance against certain illnesses, or becoming disabled.
The money you pay is then split. Some of the amount is used to buy your life assurance, and the rest is invested in an investment fund. Your policy should have regular review dates.
Whole life insurance may work for you if you know you want to provide a cash pay-out for dependents after your death, in order to keep them financially stable, particularly where you have been the breadwinner. Whole life insurance often has the advantage of paying out a higher amount for your dependents, because it links life assurance with investment, although the final amount will depend on how well the investment performed.
As an individual with whole life insurance, you can borrow against or withdraw accumulated cash value, if you need to. You may also use a whole life insurance policy to liquidate business debts. At Continental, our life insurance experts are happy to advise you further and clarify any questions you may have.
You will find that the difference between whole life insurance and term insurance is that whereas whole life insurance will cover your entire life until you die, term insurance is for a set period, perhaps 5, 10, or 25 years. Once term insurance has run out, there is no cash value.
Term insurance is generally cheaper to take out. If you only need to be covered for a number of years, this can work well for you.
Your pay-out will depend on the details of the whole life insurance policy you buy. For more information about whole life insurance, please get in touch with us here at Continental.
