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Whole-life insurance |
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Whole-life insurance stretches over the whole life of an insured person. Premiums are paid until death after which the policy benefits go to beneficiaries or the estate of the deceased.
As mentioned in the previous newsletter, term insurance is cheaper than whole-life insurance. However, it is not suitable when:
- When the insurance need is permanent.
- When the need only arises at death.
- No cash is needed from the policy.
Examples of valid reasons to invest in whole-life insurance policies:
- The main purpose of whole-life insurance is to provide cash for capital needs as well as an income for dependents when a breadwinner dies.
- Insurance policies can be used as security to obtain a mortgage bond.
- When an insurance policy does not have any use after retirement, there may be a cash value that can be used to top up retirement funds.
- Insurance can cover debt when a breadwinner dies.
- Insurance policies is the cheapest way in which to provide liquidity in an estate.
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IMPORTANT: This e-mail is intended for general information only and is not intended to serve as financial or other advice. My Wealth considers the information reliable, but we do not guarantee, express or implied, the accuracy of information, nor are we responsible for any decisions taken, based on this information. In addition, My Wealth accepts no liability for any loss or damage (whether direct or consequential), which may result from, or be attributable to, directly or indirectly, the information or opinions expressed in the e-mail.
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