Whole life is the most common type of permanent life insurance that cover the policyholder over the course of his/her entire life as long as premium are paid by the policyholder or policy itself.There are 4 types of whole life insurance1. Participating policy The policy owner shares with the insurer in some of the risks and rewards associated with the expenses and mortality gains/losses associated with life insurance underwriting. Participating policies entitle the policy owner to a return on investment in the form of dividends.2. Non-Participating policy The policy owner do not share in any of these variables: a) All of the premiums, benefits, and b) Values associated with the policy are fixed and guaranteed at the time of policy issue.3. Interest rate sensitive policies In interest rate sensitive policies, premium rates are based on estimates or assumptions, respecting future claims, investment earnings, and operating expenses. Since premiums and benefits for traditional whole life products are guaranteed throughout the term of the contract, estimates of future investment earnings must, of necessity, be conservative.4. Adjustable premium whole life In Adjustable premium whole life, the sum insured and the premiums are guaranteed for a limited period. At the end of that period,… Read full this story
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