Whole Life insurance provides coverage for an individual’s entire life, rather than for a specific period of time. This type of insurance guarantees a death benefit, as well as a cash value component.
Premiums are normally fixed and once they are paid, the policy will remain in force for your entire lifetime. Some plans allow for premium payments to be paid for a limited period. The the event of death, your beneficiaries are paid the Sum Insured.
Several ways Whole Life Insurance can benefit you:
· Provision of insurance protection for your entire life
· You can budget for reasonable premium payments that will remain the same for the life of the policy and provide adequate coverage
· The policy accumulates cash values for future cash requirements such as that dream vacation, the down payment for your home, your child’s education or even retirement
· In the event of death your family’s needs are taken care of and any expenses or debts can be settled
· Provision of a financial legacy for your dependents
Whole Life Series Plans
Each plan offers coverage for your entire life, with premiums payable for life.
Life Paid Up At 65
With this plan when you reach age 65, premiums are no longer required.
The Whole Life series of products is one of the many solutions offered by Sagicor to help you reach your goals. Ask a Sagicor Advisor how this product can be a part of a wise approach to your complete financial well-being.