Three Main Types of Permanent Life Insurance

There are many types of permanent life insurance, but there are three main types: whole, universal, and variable. Each type offers slightly different financial benefits and each can help you achieve different goals in life. If you’re looking to buy life insurance, it’s important to understand these differences so that you choose the right type of policy to fulfil your needs and wants.

Understanding life insurance

Life insurance is an insurance product that helps replace your income if you die before a particular date, Life insurance policies are designed to protect individuals and their dependents. There are three main types of permanent life insurance: whole, universal, and variable. This three-part series will provide information on these different life insurance policies and help you understand which is best for your situation. Life insurance can be complicated but it doesn’t have to be. At LMS Financial Services we offer affordable life insurance solutions in Brampton and Mississauga .

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Talk with one of our experienced advisors today about your life insurance needs. We’ll explain all options available to you and assist you in making sure that your family is protected at every stage of life! Life insurance is an insurance product that helps replace your income if you die before a particular date.

Life insurance policies are designed to protect individuals and their dependents. There are three main types of permanent life insurance: whole, universal, and variable. This three-part series will provide information on these different life insurance policies and help you understand which is best for your situation.

Life insurance can be complicated but it doesn’t have to be. At LMS Financial Services we offer affordable life insurance solutions in Brampton and Mississauga . Talk with one of our experienced advisors today about your life insurance needs. We’ll explain all options available to you and assist you in making sure that your family is protected at every stage of life!

Life insurance is an insurance product that helps replace your income if you die before a particular date. Life insurance policies are designed to protect individuals and their dependents. There are three main types of permanent life insurance: whole, universal, and variable.

This three-part series will provide information on these different life insurance policies and help you understand which is best for your situation. Life insurance can be complicated but it doesn’t have to be. At LMS Financial Services we offer affordable life insurance solutions in Brampton and Mississauga .

Talk with one of our experienced advisors today about your life insurance needs. We’ll explain all options available to you and assist you in making sure that your family is protected at every stage of life! Life insurance is an insurance product that helps replace your income if you die before a particular date. Life insurance policies are designed to protect individuals and their dependents.

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There are three main types of permanent life insurance: whole, universal, and variable. This three-part series will provide information on these different life insurance policies and help you understand which is best for your situation. Life insurance can be complicated but it doesn’t have to be. At LMS Financial Services we offer affordable life insurance solutions in Brampton and Mississauga .

Talk with one of our experienced advisors today about your life insurance needs. We’ll explain all options available to you and assist you in making sure that your family is protected at every stage of life!

Whole life insurance

The policy pays out a lump sum upon death. This is also known as term insurance and covers your life only during its term, or up to age 100 in some cases. Whole life policies pay dividends that build cash value over time, with your premiums going toward interest accrued on a guaranteed investment plan.

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When you stop paying premiums, your coverage continues for as long as you live — which means a lot less stress about funding retirement if you’re still paying for kids' college educations or taking care of elderly parents. And most whole life insurance policies allow customers to make extra payments that can provide additional dividends and further cash value accumulation.

When choosing between whole life and other permanent life insurance options, there are two main things to consider: whether you want a refundable or non-refundable policy, and how much flexibility you want when it comes to choosing what type of policy will work best for your goals. Refundable vs.

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Non-Refundable Life Insurance Policies : One big difference between whole life insurance and other types of life insurance is that whole life policies come with cash value—the amount you've paid into your policy minus any loans or withdrawals—that's available to borrow against.

That money can be withdrawn tax free, but once it's gone, it's gone. For example, let's say you buy a $100,000 whole life policy at age 40. After 20 years of annual premium payments of $10,000 (in today's dollars), your cash value would be $20,000 ($100,000 x 10% x 20 years).

If you decide to withdraw that money and spend it all before dying at 70, then your death benefit will equal $80,000 ($100,000 - $20,000). Of course no one knows how long they'll live—and it might seem crazy to spend down an entire life insurance policy just because someone lives longer than expected. But sometimes even good investments don't perform as well as we'd like them to.