There are some basic similarities between whole and universal life insurance policies: both are permanent policies, which will not expire until the holder cancels or stops paying, or until the insured dies. Both build value over the life of the policy. Universal is a variant of whole life insurance, which has stood traditionally opposed to term life, which is temporary insurance.
Policy options and details vary, so you will need to read yours carefully and discuss it with your agent. Generally speaking, though, universal is more flexible and variable than whole life. Whole life insurance policies carry fixed rates, with fixed death benefits. Read more…
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