Whole Life vs. Universal Life Insurance

Insurance

Whole Life vs. Universal Life Insurance

What is

Whole Life vs. Universal Life Insurance

Insurance?

Whole Life vs. Universal Life Insurance: An Overview

These two types of life insurance both fall into the category of permanent life insurance. Unlike term insurance, which guarantees a death benefit payout during a specified period, permanent policies provide lifetime coverage. If you cancel your permanent life policy, you will receive the policy's cash value (minus any fees).1

These types of life insurance policies are both typically comprised of two parts: a savings or investment portion and an insurance portion. This makes the premiums higher than those for term policies. Policyholders can also borrow against the cash value of the policy. For this reason, permanent life insurance is also known as cash-value insurance.

While similar in some respects, whole life and universal life insurance policies have some key differences. Whole life insurance offers consistency, with fixed premiums and guaranteed cash value accumulation.2 Universal life insurance gives consumers flexibility in the premium payments, death benefits, and the savings element of their policies.3 Here, we'll look deeper into each of these types.


KEY TAKEAWAYS

  • Whole life and universal life insurance are both types of permanent life insurance.
  • Whole life insurance offers consistent premiums and guaranteed cash value accumulation, while a universal policy provides flexible premiums and death benefits.
  • You can borrow against the cash value of a whole or universal policy.

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  • Uninsured motorist coverage (UM) is an add-on coverage for auto policies that will pay for injuries and damages caused by an uninsured driver.
  • Hit-and-run drivers are also considered uninsured motorists.
  • Uninsured motorist coverage usually adds only a small cost to an auto insurance policy but provides beneficial coverage.

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