Insurance Maze Blog

Feb 5

Permanent Life Insurance-Is It Back In Style?

Category: Life Insurance post

February 5, 2008

A lot of people are again realizing that a permanent form of life insurance may be a better buy than the financial gurus want us to believe. Whether it be the traditional whole life insurance, universal life, or variable life, we need to understand the difference.

The Type Of Permanent Life Insurance Will Fall Into One Of Four Categories:

Traditional Whole Life Insurance
Universal Life Insurance
Variable Life Insurance
Variable Universal Life Insurance

It is important to understand that different life insurance companies may offer different variations of each policy category.

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Whole Life Insurance

This is where life insurance began and boy, it has come a long way since then. As long as the insured pays the premiums on a whole life insurance policy, it will pay the selected face amount or death benefit at any time the insured dies, no matter if death occurs at age 65, 85, or 100.

Universal Life Insurance

Universal Life Insurance is actually a type of whole life insurance. Some people seem to think that universal life also has some characteristics of term life insurance. This type of life insurance offers flexibility by allowing the policyowner to adjust the death benefit, as well as, the amount of premium (all underwriting guidelines must be met). Adjustments may affect the policy’s performance.

Variable Life Insurance

Variable life insurance is a variation of whole life with a twist. With variable life, the insured is allowed to invest the cash or accumulation value in investments like stocks and bonds. This may be good or bad depending on your risk tolerance. Performace of investments may affect the policy.

Variable Universal Life Insurance

With variable universal life insurance we combine elements of whole life insurance, variable life insurance, and universal life insurance. With this type insurance we have the flexibility of adjusting the premium or death benefit and also the option of investing the cash or accumulation value in investments like stocks and bonds. Performance of investments may affect the policy.

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