Getting married is one of life's major milestones. Faced with the high cost of living, the responsibility of caring for a spouse and children, and supporting retired parents, many individuals choose to acquire life insurance to protect their families.

But what exactly is the whole life protection plan? How can one ensure adequate protection for their children? And how are the premiums calculated? This article will systematically address these inquiries, allowing you to gain a better understanding of the characteristics of a whole life protection plan.

Pass on your legacy of love to your future generations

When you plan ahead, your hard-earned wealth will work for you to increase its value and leave an enduring legacy to the future generations. Some insurance plans are a single premium participating whole life protection plan that allows you to accumulate wealth, pass on a legacy of love to the future generations, so that you can have the peace of mind that your future is secured.

Some insurance plans provide stable returns in the form of guaranteed cash value and a non-guaranteed Terminal Dividend via a whole life protection plan, which potentially accelerate your long-term wealth accumulation and assist you in meeting your financial goals.

What is a whole life protection plan?

Whole life protection plan is a product that combines savings and life insurance, designed for individuals seeking long-term financial planning. It is a common tool for wealth inheritance. Such plans usually offer higher savings rates and insurance coverage, providing financial security for unforeseen circumstances and future savings needs. If the insured person passes away during the coverage period, the insurance company will provide a pre-agreed amount of money to the designated beneficiary as an effective means of wealth inheritance.

How can we achieve wealth inheritance through a whole life protection plan?

A whole life protection plan allows you to pass on your wealth to the next generation in a flexible manner. For some whole life protection plan, you can change the Insured for unlimited times, designate a successor insured, or convert partial surrender value of the Policy to a split Policy.

How is the premium for a whole life protection plan calculated?

The premium for a whole life protection plan is usually calculated based on the insured person's age, gender, coverage amount, and coverage period. Some whole life protection plan is paid as a lump sum, subject to individual circumstances and an upper limit determined by the company.

For further information about the whole life protection plan, please contact Chubb Life Hong Kong Insurance Consultant or call our Customer Service Center Hotline at (852) 2894 9833 to schedule a free consultation to plan for your whole life protection plan.

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Disclaimer - All contents of this article are intended for general information/guidance purposes only and not intended to be an offer or solicitation of insurance products or personal advice or a recommendation to any individual or business of any product or service. This article should not be relied on for legal advice or policy coverage and cannot be viewed as a substitute to obtaining proper legal or other professional advice, or for reading the policy documents. You should read the policy documents to determine whether any of the insurance product(s) discussed are right for you or your business, noting different limits, exclusions, terms and conditions apply in each country or territory, and not all cover is available in all countries or territories.</sup>