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Whole Life vs Universal LIfe

May 19, 2011 Life Insurance 101, Life Insurance Products, Life Insurance Quotes, Life Insurance Rates, Types of Life Insurance, Whole Life Insurance

Whole Life vs Universal Life

1-888-950-TERM or click here for online universal life rate quotes.

For many people owning some term insurance is an effective way to protect their families and others who depend on them, particularly for the short-term.

Many of these same people, however, also want the added protection and flexibility of permanent insurance but are unsure as to which type is right for their situation.

The most appropriate type of permanent insurance for your is based on your preferences and attitudes toward a range of factors such as risk preference, flexibility, guarantees and your retirement and legacy objectives.

If you prefer a policy that that has both guaranteed death benefit protection as well as a guaranteed form of cash value growth, you should look into a whole life policy. Whole life insurance has guaranteed level premiums, guaranteed cash value and guaranteed death benefits. Whole life is also eligible to receive annual dividends. Dividends are not guaranteed; however, if paid they may increase the cash valued and death benefits over time. In general, a dividend paying whole life policy will cost approximately twice as much as a universal life policy.

If you prefer a policy with guaranteed death benefit protection over the potential for cash value growth, you should think about universal life insurance with a guaranteed death benefit. Universal life generally provides a guaranteed premium and can be designed to provide a guaranteed death benefit and typically does not focus on cash value accumulation.

For an illustration or if you have any questions, please call 1-888-950-TERM.

For online universal life insurance rate quotes click here.

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