Awesome 10 Whole Vs Universal Life Insurance Background

Awesome 10 Whole Vs Universal Life Insurance
Background. Universal vs whole life insurance policies. Whole and universal life insurance fall into the same category—permanent life policies.

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These policies have two main parts—and investment portion and an insurance portion. They make investing easy because you pay your life insurance premiums and your money grows. You finally decided that permanent cash value life insurance was the right product for you.

In a nutshell, universal life insurance is a more flexible type of whole life insurance.

Whole life insurance covers you for the rest of your life, but universal life insurance offers much more flexibility. When you're researching whole life insurance vs universal life insurance, you may come across a few mentions of something called indexed universal life insurance. Whole life insurance, or whole of life assurance (in the commonwealth of nations), sometimes called straight life or ordinary life, is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. A traditional whole life insurance contract has scheduled premiums that do not change, the dividend growth is relatively predictable and has minimum guarantees stay away from variable universal life insurance.