Term vs Whole Life vs Universal Life Insurance
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One simple thing seems to confuse many consumers. I know that by the number of visitor searches on the question:
Term Vs Whole Life vs Universal Life Insurance
So I developed the Page that you can get to with the clickable link above. I give a brief outline of the general differences between term insurance, or insurance that is purchased for only a set amount of time AND permanent forms of insurance life whole life and universal life insurance.
Think of term life insurance as “rented insurance”. It is appropriate when you have a need to cover your life for a set amount of time, usually anything from one year to 30 years. This is when you need lower rates on a large amount of benefits.
Think of whole life insurance as “purchased insurance”. It is right for you when you want lifetime protection. Of course, it costs more, but that is because it actually builds up a cash value and will not expire because a set amount of time has lapsed.
Universal life is different and more complicated, but it is seen as permanent life insurance AND an investment. That is because the insurance account and investment account are seperate.
For More Info, read: TERM VS WHOLE LIFE VS UNIVERSAL LIFE
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This entry was posted on Saturday, October 6th, 2007 and is filed under Life Insurance.You can follow any responses to this entry through the Comments Feed. You can Leave A Comment, or A Trackback.
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October 12th, 2007 00:24
[...] Original post by myfreeforum [...]
October 12th, 2007 01:22
[...] Original post by myfreeforum [...]
October 13th, 2007 16:26
[...] myfreeforum wrote an interesting post today on Term vs Whole Life vs Universal Life InsuranceHere’s a quick excerptI give a brief outline of the general differences between term insurance, or insurance that is purchased for only a set amount of time AND permanent forms of insurance life whole life and universal life insurance. … [...]
November 1st, 2007 20:37
[...] Universal Life Insurance is a fairly new product. Like whole life insurance, it is permanent life insurance. However it is also an investment product. This is because it has separate accounts for the insurance part of it and the cash value part of it. This is different than whole life insurance where everything is bundled together. While returning better interest rates than whole life insurance, it may not return as much as other market investments. However, because it is life insurance, you may find some tax benefits to using Universal Life Insurance as part of your financial plan. For this more complex product, find a qualified Universal Life Insurance Agent who can help you decide if this is good coverage for you! Get more information on Term VS Whole VS Universal Life Insurance too! [...]
November 1st, 2007 20:37
[...] Universal Life Insurance is a fairly new product. Like whole life insurance, it is permanent life insurance. However it is also an investment product. This is because it has separate accounts for the insurance part of it and the cash value part of it. This is different than whole life insurance where everything is bundled together. While returning better interest rates than whole life insurance, it may not return as much as other market investments. However, because it is life insurance, you may find some tax benefits to using Universal Life Insurance as part of your financial plan. For this more complex product, find a qualified Universal Life Insurance Agent who can help you decide if this is good coverage for you! Get more information on Term VS Whole VS Universal Life Insurance too! [...]
November 26th, 2007 11:18
[...] I found a good post on a question that seems to confuse many citizens who are looking for life insurance: Term vs Whole Life vs Universal Life [...]
December 17th, 2007 07:03
[...] I found a good post on a question that seems to confuse many society who are looking for life insurance: Term vs Whole Life vs Universal Life [...]