Permanent Life Insurance

Whole Life

Universal Life

Final Expense

Although there are variations these are two of the most popular forms of Permanent Life Insurance.

  Whole Life

  Universal Life Insurance(UL)

Whole Life

Whole Life insurance pays death benefits whenever the insured dies. This is the best coverage for someone who wants to have a savings, as this type of insurance builds equity (cash value). Premiums for permanent insurance are higher than for term policies, but remain the same throughout the life of the insurance. Since whole life insurance premiums are relatively expensive, it is wise to consider it only if you have enough money to buy a policy with an adequate face value.

Another use for Whole Life is for Final Expense (Burial) insurance. This is usually sold to people between the ages of 50-85. Face amounts usually range between $2,000-$30,000.

Final Expense Insurance can provide for necessary funeral costs.

Some of the possible costs involved include:

   Viewing or Wake
   Formal service in a Funeral Home or Church
   Rental of a hearse
   Purchase of a casket
   Purchase of a vault
   Cemetery plot
   Headstone
   Flowers
   Burial or cremation expenses
   Plus embalming, cosmetics, etc...

Final Expense Life Insurance covers all these.

Universal Life (UL)

Universal Life is another form of permanent life insurance. It is a form of life insurance that combines term insurance protection with a savings feature. It was initially developed to provide permanent insurance coverage with greater flexibility in premium payments and death benefit with the potential for greater growth of cash values than whole life. Universal Life Insurance addresses the perceived disadvantages of whole life namely that premiums and death benefit are fixed. UL can be used for Final Expense Insurance. The premiums are usually more costly than term insurance.

A current trend with companies that issue Universal Life policies is more focused on long term coverage with a de-emphasis on the cash value buildup. There are UL products today that can guarantee a premium and death benefit for life. You can get a guarantee until age 80, 90, 100, 105 and beyond. This in some situations has great value if someone wants a lifetime policy with premium and death benefit guarantees. Premiums are higher than term insurance.

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