Whole life insurance is a form of life insurance that offers coverage for your entire lifetime, provided you keep up with the premium payments.

Unlike Term Life Insurance, which covers you for a specific period, Whole Life Insurance combines a death benefit with a savings component.  This savings component builds cash value over time.

Whole Life Insurance however, is generally more expensive than Term Life Insurance as it provides lifelong coverage and cash value component. As replacing or early terminating your Whole Life Insurance will result in financial losses, ensure that you have comprehensive coverage in your Whole Life Insurance policy, any future gaps in your insurance coverage shortfall can then be address using a Term Life Insurance.

Why Whole Life Insurance?

Whole life insurance is often introduced as a foundational plan for younger individuals, as it offers boosted coverage (Up to 5x) through a multiplier component. Premiums are payable for a limited period, ensuring they’re covered during your active working years and providing lifetime coverage.

Since Whole Life Insurance includes a cash value component, you can surrender the policy for cash upon reaching your retirement age for retirement needs when you no longer need the coverage.

Riders covering for Critical Illness, Total and Permanent Disablity or Premium Waiver can be added for a more comprehensive coverage on your Whole Life Insurance.