Whole life vs universal life insurance is an argument that is more-so had amongst agents than debated by consumers. Most consumers don't know the difference between one or the other
Chicago, IL (PRWEB) April 29, 2014
YourLifeSolution.com, a service which provides fast online permanent and term life insurance quotes, is today releasing a simple explanation that compares whole life and universal life insurance. "Whole life vs universal life insurance is an argument that is more-so had amongst agents than debated by consumers. Most consumers don't know the difference between one or the other. There are however scenarios where one type of product is better than the other", said Eric Smith, the founder of YourLifeSolution.com. To help consumers realize which permanent life insurance product is better for their needs, the service has published an abridged guide below which outlines the benefits of whole life vs universal life insurance.
The Benefits of Whole Life Insurance
-Mortality cost is level
-Generally pays dividends
-Offers paid up coverage that requires no future premiums
-Can be used to secure child's future insurability and can be structured to have death benefit rise with age
Benefits of Universal Life Insurance
-Flexible premiums can generally be overfunded to make policy grow with need
-Designed with low mortality costs in earlier years to generate greater cash value
-Is ideal for creating tax-free retirement income
-In some products, offers 0% interest loans from cash value
Consumers interested in more information about term, whole, or universal life insurance, are urged to visit YourLifeSolution.com. Information and illustrations can be obtained by phone at 888.374.2764.