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Compare insurance life term whole and other types of policies

  1. Term life insurance will last for a term or period of time. This term is usually 10, 20, or 30 years. There are longer and shorter terms but these are the most common types. Premiums usually stay the same for the life of the term. (10, 20, or 30 years)
  2. Term Life Insurance is the most popular type of life insurance. In my opinion it is also the best type of life insurance for most people. Using life insurance as an investment vehicle (whole life, UL, and VUL) is a low yield investment strategy. There are easier and more profitable ways to invest your money. It is best to use a life insurance calculator to determine the amount of life insurance needs that you may have. Term Life Insurance may be your best option if you are less than 65 years of age and still well within your wage earning years.
  3. Whole Life Insurance is a policy that will last for your whole life as long as you pay the premiums as outlined in your policy agreement. The premiums or monthly payments are level which means they do not change. The face amount paid upon the insured’s death is also level. The cash value amount will build as the premiums are collected. Premiums are typically much higher than a term policy of the same face amount.
  4. Universal Life (UL) insurance is a modified form of whole life policy in that it is based on a cash value, but the payments are a bit more flexible and can vary depending on how the investment account (cash value account) is doing. This is often referred to as “the separate account” and can be any number of investment style accounts. It is a way for the life insurance policy to return an investment on the premiums paid into the policy. -Usually cheaper than Whole life insurance.

Why waste your money on Cheap Insurance Life Rate Term Policies that don’t serve you well? Get a cheap insurance life rate term plan.

Variable Universal Life Insurance or VUL is also a cash value policy but is more flexible than Whole life insurance as the premiums can be paid in a variety of ways. Payments can be skipped or also paid at annual maximums. There is a separate investment account/s that work very similar to a mutual fund account but with a face value life insurance policy tied to them. As long as there is sufficient funds in the investment account a death benefit will be paid as outlined in the policy. These policies do tend to be more complex in nature and are not for everyone. Make sure you completely understand your policy before signing on the dotted line. Go over it repeatedly until it is crystal clear.

There is a lot of misunderstanding and frustration for clients surrounding Universal Life and Variable Universal Life products. They must be understood fully to appreciate their benefits.

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