Individuals & Families
Life Insurance Coverage Types
Universal life insurance comes in many varieties, all of which are designed to pay out a death benefit to loved ones but while providing the policyholder financial flexibility. This flexibility includes the ability to take loans or withdraw from the policy's account to care of personal needs or being able to make premium payments at any time you wish and in any amount.
Unlike Universal life, Whole life insurance has fixed premiums but also has a guaranteed cash value that you can also make use of before the death benefit. Whole life policies also typically generate annual dividends (profits) which can be used to build cash value or reduce premiums.
Unlike Universal and Whole life insurance, Term life insurance only covers the policyholder for a given timespan. Usually, that span is anywhere between 10 and 30 years. This fixed term results in more affordable premiums.
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