shopify analytics ecommerce

Term Whole and Universal Life Insurance

Term whole and universal life insurance are the the types of policies you are most likely to encounter when you set out to get quotes or, in general, examine life insurance policies.

There are, however other types that not many people know much about.

This may be because the companies or the agents themselves just haven't taken the time to promote them much, or perhaps, the agents are not qualified to market some of them.

The other policies I refer to are the graded premium life policies, the variable life and the variable universal life policies.

Want low cost life insurance? Click here and Save! Click here and Save!

Term Whole And Universal Life Insurance

  • Term Insurance

    Term policies come in many forms. Available to you are the 5 year, 10 year, 15 year, 20 year, 25 year, 30 year and term to age 65 plans. The one you choose would depend on how long you want to keep the protection.

    The time depends on whether you are single, married, whether you have dependent children or not. You may want to think about whether you have a dependent spouse as well.

    Business people buy term insurance as well, whether we are talking about a business partnership, a sole proprietorship, an s corporation, a c corporation or a limited liability company.
  • Whole Life

    When deciding between term whole and universal life or any of the other types you may want to know which is the most popular with the consumer.

    The whole life policy is the most bought policy. Actually, the consumer prefers modified whole life policies or may be the non participating straight life policy as it costs less than the participating plan.

    People like the idea that this policy lasts until they die even if death occurs at age 100. Another thing to keep in mind is that term policies don't last very long.

    Why! I will tell you why. Apart from the fact that term policies are designed to last for a limited period of time these policies tend to be the first thing people drop when they have financial problems.

    There is no cash value and the feeling is that they can always get another one. They pay very little attention to the fact that when they are ready to replace the policy it will cost more as this person is now older.

    There may also be the problem that the purchaser may not be in as good a physical condition as when the policy was initially purchased. This would result in a higher premium. The new policy may be rated, that means additional cost, or it may be declined by the company.

    Whole life has a cash surrender policy, or a loan value.
  • Universal Life

    Although this type of insurance is term based it does have a savings element attached, thus it is similar in many ways to the whole life policy.
  • Other Types

    Term whole and universal life policies are most purchased so most people have some idea how they work but what of graded premium, variable life and variable universal life.

    Graded premium life is simply a whole life policy with an initial premium a little more than half the cost of the regular whole life plan at the age of purchase.

    The premiums increase uniformly for a specific period, 5 or 10 years, then levels off at a little more than they would be had the premium cost been level from the beginning.

    Variable universal life is permanent life insurance based and also includes an investment portfolio, like a mutual fund.

    Variable life insurance is whole life based and also has investments attached. A special license is needed to sell these policies.

Term, whole and universal life insurance sell more than any of the other policies. The permanent policies are bought more though.

Shop And Compare Rates!

Home | Life Insurance Articles | Term, Whole and Universal Life Insurance

Tools And Resources

Life Insurance Need Calculator

Recent Articles

  1. Life Insurance - Do You Really Need To Own A Policy?

    Life insurance is one of those taboo subjects for normal, casual, or friendly conversation. Whenever people, however, develop a life threatening illness, have a close encounter with another vehicle on…

    Read More

  2. Instant Term Life Insurance Quotes - Quality Term Insurance

    The availability of instant term life insurance quotes on the Internet makes buying life insurance a "walk in the park". Some companies do take the application online while others send you an agent af…

    Read More

  3. How Does Life Insurance Work - Life Insurance Explained

    How does life insurance work? What is life insurance all about? What can it do for me? Most people ask these questions at some point in their lives. Let us look at the subject and see how these questi…

    Read More

  4. Cheap Term Life Insurance Quotes - Cheap Term Insurance Rates

    How can you get cheap term life insurance quotes? You want to buy some life insurance but you first want to have an idea how much to buy and what will it cost. The life insurance business has come a l…

    Read More

  5. Cheap Life Insurance Quote - Cheap Term Life Insurance

    Want a cheap life insurance quote? If you are in search of cheap life insurance it may be an interesting exercise to look at what is available before you start.

    Read More