Whole Life Insurance Policy
Benefits Whole Life Insurance
The policy is combinations of :-
- Permanent life insurance protection
- Cash value accumulation
- Guarantees
- Tax advantages
What is whole life insurance?
Whole life insurance is a type of permanent life insurance, which means the insured person is covered for the duration of their life as long as premiums are paid on time. Permanent life insurance is different than term life insurance, which covers the insured person for a set amount of time (usually between 10 and 30 years).
Whole life insurance offers a guaranteed death benefit, guaranteed cash value, and guaranteed level premiums that will never increase as long as the policy remains in effect. It’s a solution that can meet a variety of protection needs.
PERMANENT LIFE INSURANCE PROTECTION
Transamerica Lifetime is designed to provide permanent life insurance protection. When a claim is approved, the beneficiary will receive the policy face amount, subject to any recorded policy assignments or unpaid loans2 that will cause a reduction in the cash value and death benefit.
FEATURES OF PERMANENT LIFE INSURANCE PROTECTION
Transamerica Lifetime insurance combines the best features of permanent life insurance protection and optional living benefit riders — all from a top-rated carrier — that will last a lifetime.
THE 3 Gs
Transamerica Lifetime insurance provides three fundamental guarantees:
- A guaranteed, federal income tax-free, level death benefit for the beneficiary (guaranteed face amount)
- A guaranteed level premium and premium payment period
- A guaranteed cash value, that grows on a tax-deferred basis