Because of this long-term build-up, the with profit whole-life is most unsuitable as a short-term proposition for the younger man.
Someone taking out such a policy under the age of 35 has got to be prepared to stick with it for at least 20 years to reap the rewards.
The higher the age when taking out the policy, however, the faster the build-up in the surrender value, and so in this case it is not so much of a problem. Nor is this type of policy suitable as a way of buying protection for the younger person. se http://www.thisismoney.co.uk/money/bills/article-1620931/Term-life-insurance-How-cheapest-quote.html
The rates of premium per £211,000 sum assured are so high relative to term assurance that very few young people will be able to afford an amount of cover sufficient for the responsibilities of the family years.
A solution often suggested to this problem for the younger person is the combination of term assurance and with profit whole-life insurance.
The advantage of the whole-life policy in this context is its flexibility.
The policy may be used as collateral to raise a loan; life insurance companies themselves will usually lend up to 85 - 90% of the surrender value to the policyholder, interest being paid only on the loan with the capital being repaid out of the maturity proceeds (or repayable earlier at the policyholder's option).
Or the policy may be made paid-up; this means that the policyholder stops paying premiums, and the company keeps the policy in force with a reduced sum assured (bonuses already........ see: click here for Ensuring Better Value From Your Life Assurance
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