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Univesal Life vs. Whole Life

Whole Life
Whole Life is the more comprehensive policy simply because it offers more guarantees . The premium is guaranteed to stay level. The death benefit is always guaranteed and can increase.

The cash value of the policy is always guaranteed . In addition dividends will be paid. Whole Life is suitable if you are looking for guaranteed growth of your premium dollars. It is often used as the foundation of a retirement plan.

Universal Life
Universal Life is the more affordable permanent life insurance policy with more flexibility and fewer guarantees .

The premium can be flexible or guaranteed. The cash value is never guaranteed since it depends on current and future interest rates and current and future policy charges.

A change in interest rates and/or policy charges has a direct impact on the cash value.

The death benefit can be guaranteed.

Universal Life is a great policy if you are willing to give up some guarantees in order to get a lower premium. In addition Universal Life insurance has a better potential of higher cash values, which grow tax-deferred.


 

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