Whole Life

This option gives you the opportunity to choose the amount of cover that you need at a definite premium throughout your lifetime or limited to a specific age while cover is granted throughout life.

  • Whole life insurance is a permanent form of insurance protection.
  • Pays sum assured upon demise anytime it occurs.
  • Benefit is payable to the specified beneficiaries on the demise of the policyholder
  • A whole life policy would usually have a surrender value payable after two years of inception

 

Features

1. Policy Holder can terminate the policy after 2 years and will get a surrender value

  • 2. Provides funds for children's education
  • 3. Option to convert to a retirement income plan at old age
  • 4. Secures your family's standard of living
  • 5. The benefit is tax free
  • 6. Provides loved ones with funds to cover funeral expenses

     

    Annual Premium table for a standard life aged 35 years old taking a Whole Life Assurance Plan

    Sum Assured (N) Age 45 Age 50 Age 55 Age 60 Whole of Life
    500,000 13,150 10,410 9,170 8,460 7,400
    1,000,000 25,800 20,320 17,840 16,420 14,300
    5,000,000 127,000 99,600 87,200 80,100 69,500
    10,000,000 253,500 198,700 173,900 159,700 138,500
The table above shows premium payment limited to Ages 45 to whole of life