Individual Products - Life - Universal and Whole Life
Universal and Whole life insurance, sometimes referred to as permanent coverage, is life insurance coverage that you buy in anticipation of keeping the policy in force until your death. Term life insurance in recent years has been the most popular type of life coverage because it is more affordable and has been sold by the insurance industry using the slogan "buy term and invest the difference".
This idea is valid if people truly invested or saved the proper amount. Savings has consistently gone down nationally since 1984. So, we are not "saving the difference". Assuming a person out lives a term life product (98% do), a survivor might have difficulty maintaining the current standard of living without the deceased's permanent life coverage.
A good mix of term life and permanent life coverage is often the answer, giving term coverage during the working years and permanent coverage in retirement.
Additionally, permanent coverage is an excellent vehicle for buy/sell agreements and estate retention planning.
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