Benefits of Whole Life Insurance
With this type of coverage, you have the dual security of knowing that while your premiums will never change, in the event of your death, your beneficiaries will receive the policy benefit tax-free.
What is Whole Life Insurance?
Whole Life Insurance
Whole life insurance is often called whole life insurance because it covers you for your whole life. It gives your beneficiaries a tax-free payment after you die. Some plans can build cash value over time.
Whole insurance costs are usually guaranteed not to increase from the time you first buy the policy. And some Whole insurance plans let you pay for a limited time and then never again.
Benefits and Features
Risk Cover : The risk portion provides a multi-life cover for death – accidental and natural for all lives assureds selected.
Cash Back Benefit : You will receive 20% cash back on the risk premium paid after 5 years if there is no claim on the policy
Funeral/Burial Benefit : A lump sum payment equal to the sum assured stated in the policy will be paid to you or your beneficiary in the event of death of a life assured due to accidental or natural causes during the period of insurance.
Waiver of Premium Benefit : Premium payment is waived at the policyholder attaining age 60 if the entry age is 54 or less. However, the policy continues for life and pays benefit on all lives assured.
Cash Bonus Benefit : If a secondary life assured dies, the premium applicable to the deceased secondary life assured shall go into the savings account and paid as part of the cash back benefits (where applicable) or paid every 5 years to the policyholder.
Vanguard Life Smart Target Plan provides financial support at each stage of your life. The policy is an investment-linked life assurance plan providing both life cover and savings benefits. The Smart Target Plan assures you that your investment premium is secured and shall earn a guaranteed interest. The policy pays lump sum at maturity. However, you have the option to purchase annuity (monthly payments) for a defined period or for life.
- You have a home with a fixed mortgage that you need to secure.
- You have children, whom need financial stability while they grow up.
- You have debts that will be paid down over time.
- When you need low-cost life insurance with “no-frills.”
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