How do term life, permanent life, whole life, universal life, and endowment life insurance differ from each other?
Term life insurance covers a specific period of time only with a set premium. Permanent life insurance remains in force until it pays out or is voided. Whole life insurance has a cash value that is loanable aside from providing protection. Universal life insurance is similar to a permanent life insurance but has a higher return and a more flexible payment scheme. You can also draw cash from this particular insurance. Endowment life insurance has a cash value equal to the death benefit of the policy.
