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Universal Life Insurance vs. Whole Life Insurance. Universal life and whole life insurance both offer lifelong coverage and a cash value component, but notable differences exist. Whole life ...
Universal life insurance offers permanent coverage with a unique twist—flexibility.
Whole life insurance covers you for the rest of your life, but universal life insurance offers much more flexibility. They are both types of permanent life insurance, which means they have a cash ...
Universal life insurance (often shortened to UL) is a type of cash value [1] life insurance, sold primarily in the United States.Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest.
There are several types of universal life insurance policies, including interest-sensitive (also known as "traditional fixed universal life insurance"), variable universal life (VUL), guaranteed death benefit, and has equity-indexed universal life insurance. Universal life insurance policies have cash values. Paid-in premiums increase their ...
However, universal life policies run a much greater risk, and are actually designed to lapse. Variable universal life insurance may outperform whole life because the owner can direct investments in sub-accounts that may do better. If an owner desires a conservative position for his cash values, par whole life is indicated.
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