Term vs Whole Life vs Universal Life Insurance

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.

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Life Insurance

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