don't know what to do with it, you should phone the insurance company and ask if the policy is still in force and if so, if it has any cash value. You might either want to cash it out, or to keep it as life insurance. It's up to you. If it has lapsed and has no cash value, then it is irrelevant.
Technically, there is no insurance policy called as permanent life insurance. However, you can treat whole life insurance policy as permanent since the policy covered the whole life span of the policy holder and benefit is payable to nominee in the event of any eventuality of the policy holder.
A whole life insurance provides coverage for an individual's whole life. A savings components which builds overtime and can be used for wealth accumulation. Whole life is the most basic form of cash value insurance.
Actually, whole life insurance policy other than endowment,single premia or ulip policy can be called ordinary life insurance policy.
The difference between term life insurance and whole life insurance is that a term policy covers the insured for a "term of years" whereas a whole insurance policy covers the insured for the entire life period.
Government Owned Life Insurance Corporation of India's New Jeevan Anand Policy is at present the best insurance policy in India, which is a mixture of endowment and whole life policy, which is indeed novel and unique in the whole world.
Term life insurance is only life coverage. When the person who is insured dies, the beneficiary receives the amount of the policy. Whole life insurance is a term life policy combined with an investment. This policy builds value.
In Whole life policy, insurance claims are entertained in case of any eventuality of the policy holder during the tenure of the policy period only, like term assurance policy.
A whole life insurance product is life insurance policy that lasts for the entire lifespan of the individual under the policy. New York Life and Mass Mutual are two popular companies that offer whole life insurance products. Check out their websites for more information.
Some Canadian whole life insurance policy providers are State Farm Canada, LSM Insurance, MJW Insurance, Essential Benefits, and The Canada Life Assurance Company.
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I have a whole life insurance policy, how long does it take to cancel it, also can I get money back from it.
A single pay whole life insurance policy is a permanent life insurance policy that requires a one time payment/premium. The policy is guaranteed to stay in force until age 121 (in USA) and no additional premiums need to be paid.