We will need to determine whether you need a Term Policy or Whole Life. From a life stand point, having both only makes sense. Term policies costs less yet receive the largest Benefit Payout. Whole Life policies costs more and typically have a maximum benefit of maybe $50,000, however its because it is PERMANENT coverage. That's the sole difference between the these two main Life Insurance Coverages. Its the fact one is temporary and the other is permanent which explains the difference in pricing.
NOW,
Then there is Universal Life. This is the third and last type of Life Insurance. It has the high benefit payout like a term policy, however it has the permanent coverage of a whole life. The "Universal" part of it is thanks to the flexibility of the premium and benefit. More about if necessary.
Whole and Universal policies gain cash value through the life of the policy. Whole is usually a simple accumulation. Where Universal is based on the market. That's right, you're able to make money or interest on your Life Insurance Policy. So not only is your life covered in the event of your death, but the premiums you pay into it can be later a large amount of money you will be entitled to later in life.
This is extremely important in our opinion as it can create for you and your family your own bank. Thats right. When someone is ready to purchase their car, or pay for a wedding, you're able to borrow from yourself instead of some bank.
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