The ordinary whole-life insurance policy provides insured pays premiums on this type of insurance until his death and it has some value as an investment.
The ordinary whole-life insurance requires the policyholder to submit the premium throughout his life or till the person dies. Thus, permanent protection coverage is offered to the insured person from the insurance company.
Therefore, the policy is advantageous in terms of cash components as it gives dual satisfaction such as protection as well as savings to the insured person.
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