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Term Life vs Whole Life vs Universal Life Policies:
Which One is Right for Me?


Whereas Term Life Insurance guarantees a death benefit payout for the term (amount of years) of the policy, Permanent Life insurance covers you for the entire duration of your life, providing the premiums on the policy have been paid. Additionally, Permanent Life policies include a cash savings or cash accumulation vehicle that can be withdrawn, borrowed against, and even used to pay premiums when sufficient funds have been accumulated. Those are the obvious differences between Term Life and Permanent Life policies. Within the Permanent Life policy options, however, there are some key differences that might make choosing one over the other more complicated. Here’s a quick list of the pros and cons of each.

Term Life

Indexed Universal Life

Variable Life

Whole Life

Tax-Free Death Benefit

Fixed-Rate Cash Growth

Potential Big Gains/Losses

Potential Solid Gains/Losses

Borrow Against Cash Value

Coverage over lifetime


Here’s A Quick List of The Pros and Cons of Each:

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