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.
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Term Whole And Universal Life Insurance
- Term Insurance
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.
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.
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
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
- 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.
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.
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.
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Term, Whole and Universal Life Insurance
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