Whole Life Insurance Plans are a type of life insurance policy wherein the policyholder pays premiums to the insurance provider and in return receives life insurance coverage till the policy is active. Typically, Whole Life Insurance Plans are active till the policy holder reaches an age of 99 years.
Apart from the insurance benefit, such Whole Life Insurance policies provide an investment benefit as well. During the policy period, the policies have a cash value which increases with time and policy payments. This cash amount can be accessed by the policyholder in case there is a need.
Upon the demise of the policyholder, the insurance amount and any additional death benefits are paid out to the nominee.
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