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Guaranteed Whole Life Insurance

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Guaranteed Whole Life Insurance is one of the three forms of Whole Life Insurance available. It is the most expensive option for life insurance, but it offers the largest return in terms of investments. Many financial advisors pick this plan for their clients since it is comprehensive in nature and covers life insurance and offers investment options at the same time.

Optional Additions to Guaranteed Whole Life Insurance Policies

  • Critical illness insurance may be added to Guaranteed Whole Life Insurance for greater coverage. A lump sum will be paid out to the beneficiaries when the illness is diagnosed. Policy holders should check with insurance providers if combining policies in this way to check if one or two pay outs will follow the death of the policy holder, if a critical illness payment has already been made.

  • Terminal illness insurance pays out a lump sum at the start of the time the policy holder is incapacitated, allowing him or her enough time to satisfactorily arrange financial affairs.

  • A Waiver of Premium policy covers the monthly payments should you be unable to work because of illness. A period of time known as” deferment, “may be enforced, before such payments are made and these vary from company to company in length.

  • Opting for guaranteed premiums means that the monthly payments will never increase during the time a policy runs.

  • 'Reviewable premiums are those which are subject to reassessment every few years, usually in five years intervals. Monthly payments typically are higher after reviews.

Including Guaranteed Whole Life Insurance in any trusts set up for dependants can relieve the burden of taxes and death duties considerably.

Premiums are calculated in the same manner as ordinary Insurance monthly payments. The insurance provider takes into account all the factors which may include some of the following, and may request proof of health, such as a medical examination which is usually paid for by the insurance company.

Factors that are considered in calculating Premiums

  • Age and sex of the policy holder. Public death statistics are used to calculate the likelihood of a policy holder dying within the term covered by the insurance.

  • Health and any history of illnesses. Illness of a chronic nature such as heart disease will increase the chance of the policy holder dying during the time they are insured and consequently will necessitate higher premiums.

  • Time the policy will cover. A shorter period of time will incur a lower premium while a longer one will increase it.

  • Non smokers are less likely to die at an early age and receiver lower monthly payments.

  • Health and any history of illnesses. Illness of a chronic nature such as heart disease will increase the chance of the policy holder dying during the time of insurance and consequently will necessitate higher premiums. 

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