Two types of Whole Life Insurance
The other is the ‘participating’ option where the cash involved is variable depending on your premiums and dividends.
Whole life insurance policy can be canceled or revoked. This is in case you stop paying the premiums in which case, you can receive the cash value.
Your health condition at the time of your purchase determines the premium amount that you will pay during the entire period. The cash value withdrawn from the insurance is non-taxable
The fixed premium that you would be paying might be high when compared with Term Life Insurance, but on monthly payments, it is actually less. The cash value that you get against the insurance can be borrowed as collateral for a third party loan.
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