Here are Insurance Policies Many People Ignored Until It’s Too Late

14. Whole Life Insurance

We have previously determined the purpose of the Life Insurance policy. While they may sound the same, the Whole Life Insurance is different in the way that it is an active policy for a lifetime of the insured person. The premiums are usually higher compared with Life Insurance policies.

This type of insurance policy includes the death benefit wherein the family or loved ones of the insured individuals gets a lump-sum in case the policyholder died. Its maturity date is the death of the policy owner.