For basic family protection whole of life insurance is
considered to be the best type of cover money can buy.
The plan is designed to run for the whole of your life which
obviously is an indefinite period of time.
Due mainly to the fact that the cover runs to an indefinite
period you will find that whole of life insurance is quite a
bit more expensive than than a comparable term assurance
plan that only runs for a limited period.
A lot of whole of life insurance plans, though not all, also
build up a nominal cash value this is mainly designed to
cover the changing cost of mortality rates however is
available to take as a cash in value if the plan is no
longer needed in the future.
That said as the plan is not designed as a savings plan any
cash value will more than likely be significantly less than
premiums paid in so should not be relied upon in any way.
Again like all types of life insurance you can also have
additional benefits such as Critical illness and waiver of
premium benefit.
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