What is the difference between term insurance, whole life, universal life and last to die insurance?
Term Insurance is typically the least expensive of all policies and allows you to obtain the maximum coverage for the lowest cost for a fixed period of time. In the majority of cases it is often the best way to go. The rate can be guaranteed for 5, 10, 15, 20, 25 or even 30 years! Whole Life is also called “permanent” insurance. It protects you for your entire life. As long as you continue paying the premium it will always be there to provide a death benefit. It can also build up cash value that can be borrowed from the policy. Universal Life is also called “permanent” insurance. With this type of policy, there is the potential for cash value to build up over time. The real focus is to provide a guaranteed death benefit to age 100 or beyond! It is very similar to a term policy that never ends. Many people find a combination of term insurance and universal life meets their need for protection for a period of time and leaving a legacy for their children. Last to die Insurance is insuranc
