As discussed above, whole life insurance, as well as other types of permanent life insurance with cash value, allows access to the cash value in your policy through policy loans.
There are three major types of permanent life insurance: traditional whole life, universal life and variable universal life; however, variations are available.
A Trusted Choice independent agent can look at your investment portfolio and determine what type of permanent life insurance policy will help you meet your goals.
The cash value accumulation has a more distinct investment component than other types of permanent life insurance because it allows you to choose from a variety of investment options.
A third main type of permanent life insurance, variable life insurance, offers life insurance protection for the duration of your life with more investment options, including equities.
Other types of permanent life insurance include universal life, which provides for variable premiums and interest rates, and variable life, which provides an investment option.
We'll review a few common types of permanent life insurance coverage, and reasons people choose those policy types to help you make the most informed decision possible.