What is Whole Life Insurance? Meaning, Types & Features Explained

What is a Whole Life Insurance Policy?

What Are the Different Types of Whole Life Insurance Policies?

What Are the Features of Whole Life Insurance Policies?

What Are the Benefits of Whole Life Insurance Policies?

Who Should Buy Whole Life Insurance?

Things to Keep in Mind While Buying Whole Life Insurance

FAQs About Whole Life Insurance Policy

At What Age Should I Purchase Whole Life Insurance? up-arrow

The minimum age to purchase and enter a whole life insurance contract is 18 years. On the other side, the maximum age to do so is between 60 and 65 years. Therefore, you can buy whole life insurance anytime between 18 to 65 years, provided you have a stable income to pay premiums on time. Here, your income will justify the amount of coverage you should buy.

Which is Better - Whole Life Insurance or Term Life Insurance? up-arrow

If you need coverage for a shorter duration, term life insurance can be an ideal option as the premiums are affordable. On the other hand, for extended coverage throughout life, whole life insurance would be an ideal choice.

Can I Have Multiple Whole Life Insurance Policies? up-arrow

Yes, you can have multiple whole life policies to address different financial goals.

Can I convert my term insurance into a whole life policy? up-arrow

Many insurers offer conversion options in their term plans. These term plans are known as convertible term plans, that allow you to convert a term policy to a whole life policy.

Can I access the cash value in my whole life policy during my lifetime? up-arrow

Yes, you can borrow against or withdraw funds from the cash value, but it may affect the death benefit.