If you ask what is the most popular financial insurance in the past two years, increasing whole life insurance must be on the list. Its insured amount and cash value can be increased gradually, providing lifelong protection. It has both protection and financial management functions, so it has attracted everyone’s attention. Let’s talk about increasing whole life insurance today. What is increasing whole life insurance? What are its characteristics? Who is it suitable for?
1. What is increasing whole life insurance? What are its characteristics?
Increasing whole life insurance is a life-long insurance. It is essentially a life insurance product based on a person’s life span. Whenever a person dies, the insurance company will pay a certain amount of insurance to the beneficiary. The insurance amount and cash value can increase year by year. Increasing whole life insurance is a financial tool that can achieve a balance between protection, financial management, and savings. The cash value is written into the contract and is extremely safe.
Increasing whole life insurance generally has the following characteristics, namely, the cash value is cumulative. At present, the cash value of increasing whole life insurance on the market grows at a compound interest rate of no more than 3.0% . The longer the policy is held, the higher the policy cash value.
Increasing term life insurance has financial management advantages. You can choose to withdraw the income generated, or keep it to continue to generate “compound interest”.
In addition, increasing term life insurance has the advantages of certain returns, rigid redemption, and high flexibility. Most of them have the functions of adding or reducing insurance, surrendering insurance, and policy loans, and are a good helper for asset allocation.
2. Who is suitable to buy increasing term life insurance?
So, who is suitable for increasing whole life insurance? The premium of increasing whole life insurance is relatively high, which is suitable for people with long-term protection needs and high economic strength. Whether you want to plan and manage your assets, save an education fund for your children, plan your retirement life, or hope to accurately pass on your assets and protect your pre-marital property, you can buy increasing whole life insurance.
Conclusion
In general, increasing term life insurance is very suitable as the first choice for wealth allocation planning. Friends in need can contact our consultants and let them help you tailor an insurance plan that suits you.
