Unless you live forever, Whole of Life Insurance is guaranteed to pay-out! That means that Whole of Life is a great way to leave a little something behind for your loved ones. Your family could be their first house, a car, or pay off credit card debt with your insurance pay-out.
Typical life insurance policies have an expiration date. Meaning that it’s possible to outlive your policy. Sadly, after years of paying insurance premiums, your policy will end and you’re pay-out will be nothing. Generally speaking, term policies go to 80 or 90. So, there is a healthy chance of a pay-out; however, every policy is judged on a case-by-case basis. There is no one rule for term policies.
With Whole of Life policies, you don’t have to worry about an end date since a whole of life policy pays out when you die. This means that as long as you don’t live forever, it’s guaranteed to pay-out!
Over the duration of your policy, you may pay a huge amount in premiums. However, in the event that you outlive your policy, you’ll be left uninsured and without a pay-out should the worst happen. If you outlive your policy, it’s likely that you’re aged between 60 and 80. If this is the case, due to the policyholder’s age, extending a term policy may cost an extortionate amount. That’s why it’s important to consider a whole of life policy while the premiums won’t cost a fortune.
With this policy, you’re guaranteed a pay-out, regardless of when you die. It’s for this reason that some people choose to take out whole of life insurance. It’s a great option to leave your dependent children something after you’re gone.
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