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Below are a few life insurance tips to understand the four common whole life insurance choices.
Whole life insurance provides permanent protection to your dependents. Your named beneficiary receives a death benefit payment. It also builds a cash value account, based on the number of payments made at the time of your death. Taxes are deferred on this money. Whole life does not offer investment and premium flexibility. Variable life pays a death benefit and offers tax-free cash accumulation. It does not guarantee the amount of cash value during your lifetime. Universal life gives you the opportunity to borrow from the policy. It does not offer account flexibility to split money among different accounts. Universal variable life gives you more control over the cash value and offers premium flexibility. Small premium amounts do not work with this type of policy.