Whole life insurance is taken to provide your family financial support in your absence. Whole life insurance is a whole life plan insurance policy, guaranteed to remain valid for the policy holder’s entire lifetime. A whole life insurance plan guarantees payment to beneficiaries after the policyholder passes away. This will provide financial support for the family of the policyholder. 

A whole life insurance plan provides lifelong insurance support for a person. In some whole-life insurance policies, you only need to pay for some years. You will get whole life insurance after that. For children’s whole-life insurance, the payment options are 10-year pay to 20-year pay. 

Prestige life gold 3 plan provided by Great Eastern Assurance agency provides all such benefits. In common, whole-life insurance provides a death benefit of $1 million.

Whole life insurance plan

A whole life plan or life insurance plan provides benefits upon death or any accidents. Whole-life insurance is a type of permanent life insurance that covers the entire duration of life of a person.

You will need to pay the premium or investment monthly or annually based on the policy you made.

It is your choice to make the payment plans. The beneficiary will receive the benefits if the policyholder passes away. 

Building a whole life insurance cash value will take at least ten years. If the insured lives to the maturity date the policy will give the pay-out amount in a lump sum to the policy holder. You can get the money you invested in the cancellation of the policy. The amount of money you receive on cancelling the policy will depend on the premiums you paid. 

Types of whole life insurance plan

Non-participating whole life plan

Non-participating, whole life insurance plan is a low-risk proposition for policyholders. This policy does not pay any dividends for the life insurance of the policyholders. Only the total amount made by paying the premiums will be paid as a death benefit. It requires only a low cost of premium but the outcome is also low.

Participating-Whole Life Plan

The participating whole life insurance plan provides company profits along with the death benefit. The company uses the invested amount in different funds to get profits. A part of the profit will be given to the policyholder. Thus, increasing the pay-out amount.

Level premium whole life

The premiums are calculated based on the duration of the policy in level premiums. The premium will not increase.

Single premium whole life

In a single-premium, the policyholder will pay a lump sum of money, upfront to guarantee his death benefit.

Components of whole life insurance plan

• Level premiums

Level premium is a type of insurance in which the premium to be paid stays the same throughout the term.

• Death benefits

The beneficiary will receive the benefits if the policyholder passes away. The total amount with interest will be given to beneficiaries.

• Cash value

The cash value you invested will grow each year based on the profits received by the agencies. The interest of your amount will be added to your pay-out.

Where to buy a whole life insurance plan?

Many life insurance agencies provide these services to people. Prestige Life Gold 3 (SGD/USD) whole life plan with multiplier benefit provides one of the top whole life insurance plans. The prestige life gold-3 plan is provided by Great Eastern, which is one of the leading insurance agencies in Singapore.

This plan will give your whole life financial protection against death and terminal illness. Prestige Life Gold 3 provides services to make it easy to achieve your goals by providing financial support for your family. 

Benefits of Prestige Life Gold 3

• Increased benefits during pay-out

The basic sum of money that you invested, will be multiplied up to 3.15 or 3.45 times. The extra interest will also be given a pay-out. 

• The choice to extend your beneficiary age

You can extend the policy expiry age from 85 to 100 of your choice. You can change your life assurance based on your needs.

• Maintain liquidity and financial flexibility

You can ensure the assurance of having a minimum cash surrender value of at least 80% of your single premium.

Conclusion

A whole life insurance plan is necessary to protect your family. Many peoples are taking life insurance policies to secure their families future. You will get a lump sum of money after the term and it will be useful in many ways. This article will give you an idea about the whole life plan. This will also help you to find the best life insurance policy in Singapore. The recommended life insurance policy is the Prestige Life Gold-3 plan provided by Great Eastern Assurance in Singapore.