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One of the best benefits of life insurance is that it will cover a person whole life. Purchased policy will never be renewed. Policy remains in effect until the person die provided you do not allow it to lapse or be compromised in some other way. In addition, the amount you pay for the premium will never change which makes it easier when you are trying to budget.
Another benefit is that you have access to the cash value the policy accrues. You can Borrow against the cash value just as you would another type of loan. No one has to approve a loan made against the whole life insurance cash value. You are person to decide how will use the money.
Universal life insurance is a variation of whole life insurance, gives you more flexibility in your premium, the term and death benefits, but this flexibility does come with increased risks. Universal life insurance premiums are flexible and it is a cheaper one.
posted by renaa
@ 6:27 PM
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