Life Insurance
Universal Life Insurance
Universal life insurance a.k.a UL, is a type of permanent life insurance that offers flexibility in premium payments and death benefits. It combines a death benefit with a savings component, allowing policyholders to build cash value over time. This cash value can be used to pay premiums, increase the death benefit, also may be tax advantage, or be withdrawn or borrowed against. Universal life insurance policies typically offer adjustable premiums and death benefits, giving policyholders the ability to customize their coverage to meet their changing needs.
Whole Life Insurance
Whole life insurance a.k.a WL is another type of permanent life insurance that provides coverage for the entire lifetime of the insured, as long as premiums are paid. It offers a guaranteed death benefit, guaranteed cash value growth, and fixed premiums that do not increase over time. Whole life insurance policies also have a savings component that accumulates cash value over time, which can be borrowed against or withdrawn. Unlike universal life insurance, whole life insurance policies do not offer as much flexibility in premium payments or death benefits, but they provide a level of certainty and stability that some people find appealing.
It is highly recommended starting very early purchasing WL.
