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What is Term Insurance?
This type of insurance generally has no cash surrender value and coverage is limited to a specified number of years after which no death benefit will be paid. Term Life Insurance is less expensive than Whole Life Insurance and may be the logical choice when protection is needed for a limited period of time. Premiums may increase or remain level, depending on the type of term policy purchased.
What is Whole Life Insurance?
These policies are referred to as ordinary life or permanent policies that pay a specified sum upon the death of the insured regardless of when the death occurs. These policies also accumulate “cash surrender values” which means you can surrender or terminate your policy prior to death and receive any cash value that may have accumulated to that point. Premiums usually remain level during the payment period.
What is Universal Life Insurance?
This policy is also called flexible premium adjustable life and is a variation of whole life insurance. It is a permanent plan of insurance that allows the policy owner to determine the amount and frequency of payments and to adjust the policy's death benefit up or down. The cost is determined by current mortality charges and cash values are credited with current marketplace interest. As long as premium payments are large enough and frequent enough to generate sufficient cash values the policy will remain in force.