 A whole life policy helps to cover all the risk for the entire life of the policy holder. It combines investment components and term policy. The money from the policy and the bonus are payable only to the nominee of the beneficiary upon the death of the policy holder. The policy holder is not entitled to any money during his or her own lifetime. The investment could be in bonds and money-market instruments or stocks. The policy builds cash value that you can borrow against. The three most common types of whole life insurance are traditional whole life policies, universal and variable.
Whole Life policy is available under following categories:
- Convertible Whole Life
- Whole Life Limited Payment Plan
- Joint Life Plan
- Temporary Assurance Plan
- Single premium payment
- Facility of paying the premium for a limited period.
- Option for maturity with or without profit.
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