Flexible Whole Life Insurance

Features of Flexible Whole Life Insurance

Permanent insurance with an investment element built into the plan.
Most versatile of all insurance types, so it can be highly customized to fit your unique needs.
Flexible premium payment structure.
The only type of permanent insurance that allows you to modify your policy as your needs change (eg. you can modify the amount of insurance cover, or add/remove insurance features).
If funded properly, after 10-20 years the savings from this policy should equal or exceed the cost of insurance. In other words, this form of insurance can pay for itself.
Perfect for people who think long-term and wish for their insurance plan to increase in value over time.

Options

You choose how much money to put into the investments portion (within certain parameters), as well as where you invest.
Invest in guaranteed investments, or managed fund equivalents.
Can insure more than one person with a joint policy.
Waiver of premium: a safeguard against losing your policy. If you have an accident and become incapacitated, you may no longer earn a high enough income to pay your insurance premiums. With the Waiver of Premium option selected, after 6 months of disability, the insurance company will waive all of your premiums so you do not lose your policy. They also refund the premiums you paid over the last 6 months.

Uses of Flexible Whole Life Insurance

Estate preservation: as soon as you die, much of the property that has gained value while you owned it is deemed "taxable" and your family must pay the taxes. An insurance policy can help pay these taxes as the benefits of the policy are passed on tax-free, which helps to leave your family with an un-eroded inheritance.
Charitable giving: leaving the proceeds of the policy to charity.
Enhanced Cross Option agreements for business partners: partners in a company take out insurance on each other to continue the business in the event of one partner's death, while simultaneously providing a retirement plan for each other in the process.