Benefits of Whole Life Insurance Explained

What Is Whole Life Insurance?

8 Benefits of Whole Life Insurance

Things to Keep in Mind When Buying Whole Life Insurance

Frequently Asked Questions

What is the Difference Between Whole Life Insurance and Term Life Insurance?


The most prominent distinction between whole life insurance and term life insurance is that, while the former offers life coverage for the entirety of your life (i.e., 100 years), the latter offers protection for a specific "term", as suggested in its name.

In addition, whole life plans offer survival benefits if the policyholder survives the maturity period, but term plans only offer death benefits.

Who Should Opt for Whole Life Insurance?


Whole life insurance plans are suitable for:

  • People who want to guarantee financial protection for their dependants in case of their unfortunate demise. 

  • Those who prefer having a single steady policy with a fixed premium without the hassle of renewals.

  • Ones who can afford a higher rate of premium.

Can I Avail Rider Options with Whole Life Insurance Plans?

Yes, there are several rider options available to add to your whole life insurance plan with additional rider premiums. Some common riders include accidental death benefit rider, disability income rider, level term rider, living benefits rider or accelerated death benefit, long-term care (LTC) rider, etc.

What are the Different Types of Whole Life Insurance?


The various types of whole life insurance plans include:

  • Non-Participating Whole Life Insurance

  • Participating Whole Life Insurance

  • Single Premium Whole Life Insurance 

  • Limited Premium Whole Life Insurance

  • Level Premium Whole Life Insurance