What is Permanent Life Insurance?

Permanent life insurance provides lifetime coverage and has cash value. Whole Life and Universal Life Insurance are the two main types of permanent life insurance.

What is Whole Life Insurance?

Whole life insurance is usually better for people wanting permanent life insurance with guarantees. Whole life insurance premium payments and death benefits do not change or increase with age.

Whole Life InsuranceUniversal Life Insurance
For people who like guaranteesFor people who like flexibility
The premium never changesPremiums can change if needed
There’s a guaranteed death benefitThe death benefit can change
Cash value growth is guaranteedCash value can change
Whole life insurance policies usually cost more than universal life insurance.Universal life policies are usually less expensive than whole life policies.
Is whole life insurance or universal Life Insurance best for you?

What is Universal Life Insurance?

Universal life insurance is better for people that like a permanent life insurance that offers flexibility. Universal Life Insurance premium amount, death benefit and cash value can change depending on various factors.  

Premiums can vary. You can adjust your payments up or down within certain limits. This makes it easier to maintain your coverage if your situation changes. But you may eventually have to pay higher premiums to keep your policy in force.

Universal life policies are usually less expensive than comparable whole life policies.

What is the difference between Permanent Life Insurance and Term Life Insurance?

A permanent life insurance policy provides coverage for your entire life, but term insurance covers you for a set number of years. Term insurance does not have cash value, but permanent life insurance has a cash value that can be used as a policy loan or paid out in another manner.

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Shane Saunders

Shane and Kari Saunders co-founded The Insurance Solutions Experts to help families and companies find affordable insurance options. Shane has a Bachelor of Arts in Elementary Education from UTSA and a Masters of Arts in Christian Education from Southwestern Baptist Theological Seminary in Forth Worth. He is accredited and licensed and has received comprehensive certification in Healthcare Reform as well as all forms of state health care insurance plans. He offers individual health insurance coverage, life insurance, several other lines of affordable insurance options as well as group health insurance plans. Shane@theinsuranceexpert.com 210-954-6478 or 636-287-9369