What Are the Types of Permanent Life Insurance Policies?
There are four types of permanent life insurance for which you can receive a life insurance quote: Whole Life insurance (sometimes called Ordinary Life) is the most common type of permanent insurance policy. It remains in force during your entire lifetime, and offers a death benefit along with a savings vehicle (called the cash value). Some companies pay a dividend, which is a return of excess premiums. Universal (or Adjustable) Life insurance offers more flexibility than whole life insurance. As with Whole Life policies, Universal Life insurance provides a savings vehicle (cash value account) which generally earns a guaranteed rate of interest. The cash value belongs to you, the policy owner, and you may withdraw or borrow against it as provided for in the policy. These policies also give you the option to adjust the death benefit and/or premium payments, within limits, to fit your situation. For example, if there is enough money in your cash value account to cover the costs, you have
