Getting Whole Life Insurance
The necessity of getting life insurance comes from the people’s need to feel protected. Apart from the assets owned, an individual’s life and health, his or her physical integrity and work capacity are the most precious assets and they can be affected by different uncertain future events, leading to the impossibility of performing an activity and therefore getting income. The necessity of getting life insurance comes from an absolute need of each person to offer financial protection to his or her family, to those who depend on him or her or to closely related people in the case of decease, in parallel with other advantages which insurance professionals can offer: saving, retreat benefit, investment. And in the case of this type of insurance, the only risk covered is the decease risk but it is covered until a very old age of the person who is getting the insurance (100 years) and insurance premium will be paid for a shorter time, until the retreat age. The specific feature of whole life insurance is that if the person who is covered reaches the age mentioned in the contract, he or she will get the sum covered, updated. For this reason, insurance premiums are higher than in the case of term insurance.
How you can pay insurance premiums?
The payment period of insurance premiums is actually the entire period covered, until the age of 95 – 100 years of the person who is covered, having the freedom to choose.
- The value of the contributions which are the most adequate for your budget
- The frequency with which you want to pay these premiums: monthly, once in a trimester, once in six months or once a year.
Moreover: To your whole life insurance you can add all the supplementary covers offered by our company.
Other types of insurance which are related to whole life insurance are unit-linked covers, which offer the possibility to invest money in investment funds, which are this time selected by the person who is insured. The money paid by the customer to the insurance company are placed to investment funds from a list offered by the insurance company as well and the person who is insured gets instead of the insurance premium a quote – units in the investment fund.
The purchaser of the policy can change the fund in which he wants to invest any time, on the condition to buy life insurance.
The protection component represents a whole life insurance policy, and the person who is insured pays insurance premiums until retreat, and the sum covered, chosen by the policy contractor as well, will be guaranteed by the insurance company employee.