Understanding insurance can be a challenge, and life insurance is no exception. Don’t worry! Here at Elite Benefits Group, we’re dedicated to helping you find the best insurance policy to fit your needs.
Universal Life Insurance
Universal life insurance is a type of permanent life insurance. Instead of paying premiums for a set number of years, universal life insurance policies can continue until the end of your life. There are different variations of universal life insurance, but they all offer flexibility, lifelong options, and the ability to build cash value through accruing interest.
The only significant downside to getting universal life insurance is policies can be difficult to understand. If you’re considering universal life insurance, talk to an insurance professional before purchasing a policy so you’re sure you get the benefit package that best fits your needs.
Variable Life Insurance
Variable life insurance is another permanent option meant to offer a lifelong policy. Variable life insurance offers many of the same benefits as universal life insurance. In fact, you may see a hybrid policy, variable universal, offering the best of both worlds.
The key difference is variable life insurance lets you choose where the cash value of your premiums is invested, giving you greater control and a chance at higher returns. However, this also means higher premiums, management fees, and greater financial risk.
Whole Life Insurance
This type of life insurance is a permanent policy that earns cash value. However, unlike highly flexible universal life insurance policies or the aggressive, risk-taking investment strategies of variable life insurance, whole life insurance is much more straightforward and fixed. Once you get your policy, your rates won’t change. So, while you might not have as much influence over your cash value, you do have the confidence that it’s secure, with a guaranteed return.