Term Life vs. Whole Life vs. Universal Life Insurance |
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Compare Term Life, Whole Life, and Universal Life InsuranceTerm Life Insurance: This type of coverage is purchased for a span of time, or a term. For instance, 10, 20, or 30 year term life policies are common, but you can even find 1 year terms. Because term life is intended to cover a person's life for a certain length of time, and only to provide life insurance, it is usually the cheapest life insurance.Whole Life Insurance: This is permanent life insurance which will cover a person's life as long as the policy is kept in force. In general, a policy is kept in force by paying the premiums or having a policy that is paid up. You can find policies that can be paid up over a number of years, usually 10 or 20. Whole life insurance can build up a cash value, and even earn interest, so sometimes it is called cash value insurance. Since the life insurance contract does not expire after a term, and because it can build up a cash value that can be borrowed against or cashed in, whole life permiums are more expensive than term life for the same person with the same amount of coverage. Universal Life Insurance: This is the newest form of life insurance, and it is also permanent, or in force as long as it is paid for. Universal life was developed to combine some elements of savings or investing with life insurance, and the "insurance" part of the fund has been unbundled from the "cash value" part. Is Term or Whole or Universal Life the Best Insurance?Your own life insurance needs and budget will determine which life insurance is best. Compare Term, Whole, and Universal Life Insurance Quotes And Policies!
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