As its name suggests, the Special Whole Life Assurance Plan pays out insurance payments forever, or specifically, until death. It is the only life insurance plan which gives away cash payments in ‘perpetuity’.
The Special Whole Life Assurance makes for an excellent retirement savings plan. It is a life insurance plan designed to provide life insurance coverage throughout the lifetime of the policyholder. The policyholder continues to enjoy a guaranteed income source well after they have retired from their professional careers, and as a boost up to their social security and pension earnings.
It also has an added benefit. Upon attaining the age of 60, the policyholder stops making premium payments. The policyholder, however, continues to receive insurance pay-outs for the rest of their life. This is a payment of 15% of the full sum assured, with accrued bonuses, every five years to the policyholder for the remainder of their life.
As an insurance plan, it’s comforting to know that the policyholder can receive a cushion to expand their quality of life after retirement.
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