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 Whole Life Insurance, similar to Annual Renewable Term and Convertible Term, stretches the cost of insurance out over a longer period of time in order to level out the otherwise increasing cost of insurance. In this case, however, it is spread not over a few years but over your entire life. Your excess premium dollars are invested by the company. Because you aren't personally managing that investment, your selection of an insurance company is vitally important.
Universal Life Insurance, offers greater flexibility than Whole or Term Life. After your initial payment, you can reduce or increase the amount of your death benefit (although to increase the amount, you'll probably have to give the insurance company medical proof that you are still in good health). Also, after your initial payment, you can pay premiums any time, in almost any amount, within the policy's required minimums and maximums. You will need to actively manage these policies to maintain sufficient funding. Plus, part of your premium is invested by the insurance company, so you'll need to be careful when choosing a company.
Why choose a Universal Life Insurance policy?
To have permanent, lifetime coverage.
To avoid increasing premiums when renewing or reapplying for a term insurance policy.
To protect your family.
To help pay off your mortgage.
To help pay off your debts.
To provide educational funds.
To take care of loved ones.
To protect your business.
To build for your retirement.
To provide cash for emergencies.
Advantages of universal life insurance.
Flexible premium payments.
Adjustable death benefits.
Cash values credited with interest at a rate declared by the insurance carrier.
Interest accumulates tax deferred under current tax laws.
Withdrawal or loan privileges.*
Why choose a Whole Life Insurance policy?
To have permanent, lifetime coverage.
To avoid increasing premiums when renewing or reapplying for a term insurance policy.
To protect your family.
To lock in a fixed premium payment (at a lower rate if you are young).
To guarantee the value of the contract, regardless of interest rates.
Advantages of whole life insurance.
Guaranteed level premium payments.
Guaranteed level death benefit for as long as you live.
Guaranteed cash values.
Loan privileges.* |
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