You may be confused about what exactly whole life insurance is. If so, it's not your fault. Whole Life Insurance in Singapore is different from any other type of individual life insurance product on the market. It combines three separate types of protection: death benefit, investment fund and cash value account.
Whole Life Insurance is a comprehensive, fixed premium term that provides you or your family with guaranteed protection. You can transfer ownership to your heirs. Using your Whole Life Insurance in Singapore to create a cash value account can help you build wealth and create a potential pocket of cash that can be accrued on a tax-free basis. If this sounds like something that interests you, then read on for more information about how Whole Life Insurance can help you to create wealth.
Cash Value Growth
A Whole Life Insurance policy builds cash value along with its death benefit. Unlike other life insurance plans, when you purchase a whole life policy, you are building cash value along with your death benefit. Invest in a policy that meets your needs today and for the future.
Boost your savings with a cash value component that grows every month at a rate of up to six to seven times more than the interest rate attached to a standard savings account.
Cash value life insurance is an investment-based type of life insurance. You accumulate cash value — essentially, any interest you earn — in the policy that can be used to help invest and save for retirement, or to pay off debt. Cash values are yours until you pass away when your beneficiaries can access them to pay for taxes, funeral costs or other debts.
Add Riders
Knowing that you and your spouse can live a worry-free retirement is a comforting thought. This can be achieved by purchasing the best Whole Life Insurance in Singapore over the term. With a whole life plan, you're guaranteed coverage for as long as you live and no longer must worry about replacing your loved one's income. Many who purchase whole life policies also add additional riders to their plans when they start families or plan their estate, making them feel protected even at older ages.
Low Premiums
For a policy that doesn’t expire, look no further. Whole Life Insurance in Singapore is the most flexible and best-known type of permanent life insurance. Unlike other insurance plans, which will typically expire after 10 or 20 years, Whole Life Insurance will not expire until you die or choose to cash out your policy.
When you opt for a specific premium, you will enjoy that premium throughout your life. In other words, you will be paying the amount at 70 which you did at 25. The same low premium does not mean that you have disadvantages. As you mature by age, your benefits also increase. This is unique to Whole Life Insurance policy. You will have a steady and affordable level of protection your entire life.
Takeaway
If you're looking for a permanent life insurance policy, Whole Life Insurance in Singapore is the best choice. The insurance policy gives you coverage that lasts as long as you pay premiums. It comes with an investment component so your beneficiaries will receive a death benefit when you die.
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