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Selecting the Best Whole Life Insurance Plan
For example, if you are starting a whole life term plan at the age of 40, and expect to retire at 60, your maximum premium payment tenure should be 20 years. So that you can stop worrying about the premiums at the time of retirement while the cover continues.
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How to Select the Best Whole Life Insurance Plan?
Premium Payment Tenure: Lifetime cover is alright, but you would not want to keep paying the premiums till the end of your life. So, it is very important that you have the option of paying all the premiums within a shorter period, preferably before retirement. For example , if you are starting a whole life term plan at the age of 40 and expect to retire at 60, your maximum premium payment tenure should be 20 years. So that you can stop worrying about the premiums at the time of retirement, while the cover continues. Apart from other financial assets you can use to leave a legacy for your children, whole life term insurance allows you to leave a definite amount. Since the benefit amount is pre-defined and is unaffected by market conditions, your progeny has the best chance of receiving the entire sum as you intended.