subject: Whole Life Insurance- Different Types of Policies [print this page] Whole Life Insurance- Different Types of Policies
There are many different whole life insurance policies on the market today that you have to choose from. No matter what you need, it can be easy to get the coverage that you desire if you know what you are looking for. When it comes to whole or permanent life insurance, you can choose from any of the policies listed below.
Universal life: This is a policy that gives you variable premium payments and an adjustable death benefit. You will be able to change things as your needs change, but you do have to know what is in the account and whether payments need to be made so the policy doesn't lapse. You can find policies with level premiums, planned premiums, guaranteed death benefits, and the option for lower premiums for slow generation of cash value.
Whole life: This is a standard policy where you get level premiums for as long as you live and the policy builds over time in cash value. The cost will be higher initially but will become more affordable over time.
Single premium life: This policy is like whole life coverage, but is paid with one lump sum premium payment when the policy is started. It's known as 'set it and forget it' life insurance.
Limited payment: This is a policy where you can pay higher premiums for a set period of time, such as for 20 years, and still get insurance protection for your entire lifetime.
Survivorship (second to die): This insurance covers two people at once and pays out when the second person dies, hence the name. The policy is ideal for those who don't need benefits until both are gone, and it is more affordable than separate policies.
Variable universal life: This insurance has your death benefit and cash value tied to an investment account. If the investments do well, the values increase. If the investments do poorly, your cash value and death benefit will decrease. You can pay extra for guaranteed death benefits and have more control over your investments.
Participating or non-participating: This is a specific notation for all of the policies listed about. This basically means that your insurance company either pays dividends to insured customers when it has a good year financially, or that it pays no dividends to customers. You can use dividends as cash, which allows you to purchase more insurance or pay your premiums. Participating policies will get this benefit, while non-participating policies will not.
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