In this video, we will provide you with some key features of whole life plans or whole life insurance plans
Edited highlights
0:02 In this video, we will provide you with some key features of whole life plans or whole life insurance plans
1:31 Whole life plans have been in existence for a long time and they have been very popular even when the insurance sector hadn't opened up
1:50 Whole life plans provides life cover for the life time of the insured person
2:26 This is in contrast to a term insurance plan or a term plan where the life insurance cover is provided for a fixed term
2:36 In term plans, the term could vary from 5 years to 30 years
2:48 Whole life insurance plans have no such limitation
2:55 Whole life plan can be taken by a minor child also
3:03 Minimum age for a term plan is 18 years
3:07 Whole life plan can be taken for a child from 2 year onwards
3:19 There are companies who have designed whole life plan coverage till age 100 years
3:25 In such cases, if the person survives till age 100 years, they will provide the maturity amount
3:46 One company tweaked this condition to 85 years
4:02 Whole life plan proceeds are meant for beneficiaries or heirs
4:25 Normally, the premium will be more than term insurance plan
4:44 Earlier the insured person was supposed to pay premium throughout the life. Now, while the life insurance cover is for a life time but the premium paying period can be chosen
4:51 This could be for periods like 5, 10, 15 or 20 years
5:32 Whole life plans are meant for people who know that their families will be needing the life insurance money even if he or she were to be old
5:45 This is typically the case when you have dependent who is sure to outlive you like a child with special needs or a financially dependent sibling
6:06 Or it could be be simply be used by you to give that money to a loved one
6:20 Here, you need the help of an expert to guide you whether this is the best option or there are better and lower cost ways of doing so
6:33 Remember, whole life premiums are higher than term plan premiums which typically have the lowest premiums
