What is whole of life insurance policy and how does it works?

[jhon paul]

Whole of life insurance is a life insurance policy which pay a a lump sum to your loved ones when you demise so that your loved ones will receive a lump sum payout from the insurer. you pay a premium every month when you demise. whole of life insurance is generally more expensive more of life cover than the term life insurance the insurers know that they definitely have to pay out some money at the same point.

By using this policy you must ensure that they can afford premiums not only during the working life but also once you retire if you fail to keep up premiums the cover will be cancelled. Many of the whole of life insurance policies only require to pay the premiums up to a certain age.

 

[Wisdom01]

I think it's more like a large coverage that could include both the insurer ,his family loved ones and so many others ,and you are right about that the person would be required to pay a huge amount of premium because of the large part he is covering I think ,

 

[Mandy96]

To my knowledge, whole life insurance simply means having your entire lifetime insured and being covered against some kind of bad things that could unexpectedly happen to the client. Well the disadvantage of this is the fact that you get to have your compensation after the death of the insured