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| Auto Insurance |
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Why Should I Buy Life Insurance?
Types of Life Insurance
Affordable Life Insurance
Group Life Insurance
| Home Insurance |
What is Home Insurance?
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Types of Life Insurance
Permanent Life Policy typically comes in the following 4 forms:
- Whole Life
- Variable Life
- Universal Life
- Universal Variable Life
Whole Life is the simplest form of cash value lifetime insurance. It is a lifetime insurance deal that carries both an insurance and an investment component for a FIXED premium. The premium does not change for your lifetime provided you continue to pay the premium. The savings component produces deferred-tax build-up of cash value from which you can borrow. It provides you the option to receive dividends fro your policy or use it to off-set your premium payment. It offers you the option to withdraw from the policy during your lifetime.
Variable Life insurance provides permanent protection for you and a death benefit to your named beneficiary. It offers you a tax-free cash accumulation. coverage provides your beneficiary with fixed protection upon your death. There is a risk in Variable Life policy; albeit low. Variable life insurance would therefore be more suitable for the more risk-oriented policy holder.
Universal Life provides permanent protection for your dependents. It pays a death benefit and offers you a low risk cash value account and tax deferred accumulation. It provides a flexibility element unlike whole online life insurance in that it enables you to reposition cash between the insurance coverage and the savings elements of the policy. In other words, you are able to take care of your coverage premium with the interest paid from your cash surrender value. Universal Life allows you to determine the insurance premium you desire to pay (within a defined range) and derive a level of benefits for your dependents commensurating with the premium paid.
Universal Variable Life incorporates the elements of both Variable Life and Universal Life. As with Variable Life, you may select the associate accounts in which you wish to invest. Like Universal Life, you are able to take advantage of the flexibility of extending or shrinking your premiums or benefits and utilizing your cash surrender value accumulation to pay for your coverage premium.