- Individual whole life insurance, often called permanent or traditional insurance, is precisely what the name implies: Life insurance that’s designed to protect you and your loved ones throughout your entire life. As long as the policy owner continues to pay the premiums, the insuring company will guarantee the death benefit. These policies are designed and priced for an individual to keep over a long period of time. These types of policies are another great option while planning final expenses.
- Universal life insurance is considered to be the most flexible type of life insurance. Universal life insurance provides both premium flexibility and death benefit flexibility allowing you to adjust your policy according to your life insurance needs.
Universal life insurance also offers the ability to accumulate cash value under the policy on a tax-deferred basis.
- Indexed Universal Life (IUL) provides both premium flexibility and death benefit flexibility of a universal life policy, allowing you to adjust your policy according to your life insurance needs. Indexed universal life also offers the option of having your cash value accumulate at interest based on the changes of a major market index.