Call Us 336-227-0154 ☰ ˟
Logo
Call Us 336-227-0154
  • Home
  • Our Agency
    • About The Peterson AgencyImage of right arrow
      • Employee Directory
      • Our Location
      • Mission Statement
      • Testimonials
    • Our Providers
  • Products
    • Auto InsuranceImage of right arrow
      • Classic Car
      • Medical Payments Coverage
      • Minor Violation Forgiveness
      • Accident Forgiveness
      • Rental Reimbursement
      • Uninsured & Underinsured Motorist
    • Home InsuranceImage of right arrow
      • Homeowners Liability
      • Landlords Insurance
      • Scheduled Property Insurance
    • Life InsuranceImage of right arrow
      • Disability Insurance
      • Group Life Insurance
      • Individual Life Insurance
      • Long Term Care
      • Mortgage Protection
      • Second-To-Die Policy
    • Powersports VehicleImage of right arrow
      • ATV Insurance
      • Boat Insurance
      • Motorcycle Insurance
      • Snowmobile Insurance
      • Recreational Vehicle Insurance
    • Other Personal Insurance
  • Business
    • Business InsuranceImage of right arrow
      • Bonds
      • Business Catastrophe Insurance
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial General Liability
      • Commercial Property Insurance
      • Commercial Real Estate Insurance
      • Commercial Umbrella Insurance
      • Crime Insurance
      • Equipment Insurance
      • Errors and Omissions Insurance
      • Fidelity Bonds
      • Leave Management
      • Loss Control Insurance
      • Inland Marine Insurance
      • Kidnapping Insurance
      • Marine Insurance
      • Mechanical Breakdown Insurance
      • Office Insurance
      • Product Liability Insurance
      • Professional Liability
      • Ransom Insurance
      • Shipping Insurance
      • Small Business Insurance
      • Small Business Liability Insurance
      • Storage Insurance
      • Surety Bonds
      • Technology Insurance
      • Trailer Insurance
      • Transportation Insurance
      • Trucking Insurance and Semi Truck Insurance
      • Workers Compensation
      • Van Insurance
    • Farm InsuranceImage of right arrow
      • Equine Insurance
      • Crop Insurance
      • Farm Auto Insurance
      • Farm Dwelling Insurance
      • Farm Equipment Insurance
      • Farm Liability Insurance
      • Farm Livestock Insurance
      • Farm Owners Insurance
      • Farm Structures Insurance
      • Farm Umbrella Insurance
    • Employee BenefitsImage of right arrow
      • Employer-Sponsored Retirement
      • Retirement Planning
      • Retiree Health Coverage
      • Group Benefits
      • Group Disability Insurance
      • Group Health Insurance
      • Disability Insurance
      • Individual Life Insurance
      • Voluntary Benefits
      • Business Life Insurance
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Bar Insurance
      • Box Truck Insurance
      • Builders Risk Insurance
      • Cargo Insurance and Freight Insurance
      • Car Dealership Insurance
      • Cleaning Business Insurance
      • Construction Insurance
      • Contractors Insurance
      • Consulting Firm Insurance
      • Craft Brewery Insurance
      • Dental Practice Insurance
      • Educational Facility Insurance
      • Fleet Insurance
      • Food Truck Insurance
      • Financial Institution Insurance
      • Garage Insurance
      • Healthcare Facility Insurance
      • Healthcare Practice Insurance
      • Law Firm Insurance
      • Life Science Insurance
      • Liquor Liability Insurance
      • Livestock Insurance
      • Limousine Services Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Maritime Employers Insurance
      • Media & Advertising Insurance
      • Medical Malpractice Insurance
      • Minibus Insurance
      • Non Profit Insurance
      • Nursing Home Insurance
      • Nursing Insurance
      • Orthotics & Prosthetics Insurance
      • Personal Trainer Insurance
      • Pharmacist Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Railroad Contractors Insurance
      • Real Estate Businesses Insurance
      • Religious Institutions
      • Restaurant Insurance
      • Retail Insurance
      • School Bus Contractors Insurance
      • Scrap Metal Insurance
      • Specialty Trade Contractors Insurance
      • Security Guards Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Snow Plow Insurance
      • Specialized Truck Equipment Insurance
      • Technology Services Insurance
      • Tow Trucks Insurance
      • Tractor Insurance
      • Uber Insurance
      • Water Well Drillers Insurance
      • Veterinary Insurance
  • Get A Quote
    • Auto Insurance Quote
    • Homeowners Insurance Quote
    • Life Insurance Quote
    • Business & CommercialImage of right arrow
      • Builders Risk
      • Business Owners (BOP) Quote Form
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Workers Compensation Quote
      • Commercial Umbrella Insurance Quote
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • Contact Us
    • Contact Us
    • Main Office
    • Durham Office
    • Goldsboro Office
Home > Blog > How Does Whole Life Insurance Differ from Universal Life?
WEDNESDAY, FEBRUARY 2, 2022

How Does Whole Life Insurance Differ from Universal Life?

Finding the right type of life insurance for your needs may not be as easy as it initially seems. A variety of plans exist. Most people, especially those who are younger, have ample options at affordable rates. 

But, the terminology and the way life insurance policies work can be confusing. When it comes time to create the right type of financial plan for your family, life insurance should be a part of it. 

At the same time, you need a policy that’s affordable and financially sound. 

What Is Permanent Life Insurance? 
Permanent life insurance is a policy that extends long-term. As compared to term insurance, permanent life insurance generally is not for a specific amount of time. Rather, permanent insurance is for a long period of time, as long as the policy remains paid for by the holder. 
life insurance spelled out in wood blocks
There are two specific types of permanent insurance to consider. 

Whole Life Insurance: This permanent life policy does not expire as long as you pay the premium. It offers a fixed premium. That means that you will pay the same amount of money every year. It can accumulate cash value over time. This allows you to create an amount of money that you can borrow against down the road. 

It is best for those people who want level premiums throughout the life of the policy. It is also beneficial for those who want cash value accumulation they can use while still alive. And, you cannot outlive your policy. 

Universal Life Insurance: Universal life has flexible premiums. This means they will change year-to-year. You may be able to pay less each year by using some of the policy’s built up cash value. In some cases, you may accumulate enough funds to skip a premium. 

You do not have to do this, though. The policy can accumulate value over time. The amount of growth that occurs depends on the policy’s underlying investments. If you want the ability to have adjustable premiums and cash value you can borrow against, this might be the policy for you. The long-term protection makes this a good option as well. 

Because life insurance is complex, it is important to work with a well-qualified insurance agent who can help you select the right policy for your goals and financial needs. This will change from one person to the next. And, you may find your needs for life insurance changing over time as well. 

Posted 1:13 PM

Tags: life insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021

  • auto insurance(4)
  • coverage(3)
  • life insurance(3)
  • business insurance(3)
  • insurance(3)
  • home insurance(2)
  • rv insurance(2)
  • general liability insurance(2)
  • commercial(1)
  • life(1)
  • policy(1)
  • classic car insurance(1)
  • costs(1)
  • key person insurance(1)
  • homeowners(1)
  • workers compensation(1)
  • liability(1)
  • premiums(1)
  • workers comp(1)
  • driving safe in extreme weather(1)
  • property insurance(1)
  • general liability(1)
  • general(1)
  • cyber liability(1)
  • cyber security(1)

View Mobile Version
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Home| Get A Quote| Refer A Friend| Blog| About Us| Contact
Main Office
257 S. Graham-Hopedale Rd. | Burlington, NC 27217

Phone: 336-227-0154 | Fax: 336-228-1736

Durham Office
1822 ENC 54 Hwy, Suite 150 | Durham, NC 27713

Phone: 919-489-3737 | Fax: 919-474-9630

Goldsboro Office
413 Royall Ave. | Goldsboro, NC 27534

Phone: 919-580-0079 | Fax: 919-288-1017
Social Social Social
Logo Logo Logo Logo
Logo

Powered by Insurance Website Builder