Permanent Life Insurance
For those that would like to have coverage for the long term, a permanent life insurance policy may be preferable to a term life policy. Here are the different subtypes for permanent life coverage:
A whole life insurance policy is just that, for your whole life. It grants you coverage from the moment you purchase it until your death, provided that you continue to make the regular premium payments. You can enjoy living benefits from a whole life policy due to the cash value that is built up over the years and you can even borrow against the policy if you are in a situation where you need finds more immediately.1
The universal life plans are more flexible, giving you the same benefits as whole life, but also allowing you to adjust both your premium rate and your death benefits to meet your needs as your life undergoes changes.
With variable life insurance, your policy will function similar to an investment account, allowing you to have your cash value invested and gain interest. However, this opens your policy up to the risk of fluctuations in the market, so negative trends will impact your policy as much as positive trends will.