An Overview of Participating and Non-Participating Whole Life Plans
Whole life insurance is coverage that goes on for the whole lifespan of the insured individual. This differs from term life insurance which is set for a fixed period. The advantages of the whole life plan are paid out on the policyholder's passing or them being determined to have a terminal or critical illness or total/permanent disability. Whole life policy also comes with a money part. In the event that the policyholder chooses to give up their strategy before its term closes, they can do as such and get this sum. Giving up a life coverage strategy isn't suggested as one never knows what's to come.