Whole life plan is a unique life insurance plan. The main objective of a whole life insurance is to help the life assured live a worry-free life while being able to create a legacy for their heirs. The reason being, it comes with not only death benefits, but also with maturity and survival benefits along with bonuses, if any. The life assured is covered until the death, and also has the maturity benefit feature. There are different types of whole life insurance policy variants. The policyholder can opt for a traditional whole life plan or a unit linked plan. Traditional Whole Life plans are further categorized as participating and non-participating.

Whole life plans are a great option at helping you leave a legacy for tomorrow. For instance, a whole-life plan on both the spouse will deliver an extra financial resource that can be depended upon at a later part of retirement. In case one of the spouse dies, the policy death benefit will go to the surviving spouse. Further, the policy of the spouse will go on to deliver a minimum bequest to children or grandchildren after the insured person’s death. This makes whole-life plans a good idea for future planning of wealth creation and its passing to the heirs.

When you consider the possibility of investing in life insurance, one of the first questions you’ll be faced with is this – who should buy life insurance? The answer to this question focuses on the financial situation of the investor. Typically, anybody who has a financial dependent would benefit from investing in life insurance. Financial dependents could include children, a spouse, a sibling, or even dependent parents.

Another category of people who should buy life insurance includes investors who want to enjoy the benefits of tax savings coupled with long-term capital appreciation. A life insurance policy is one of the few investment options that offers both these advantages. Aside from these benefits, there are many other ways in which life insurance can help the investor.