What is the difference between whole life and guaranteed whole life insurance?
Guaranteed universal life gives the guaranteed premium of a whole life policy, but has the flexibility of a universal life policy. Guaranteed life policies don't have the same cash value growth rate as whole life policies, which makes them less expensive.
What are guaranteed in a whole life insurance policy?
Whole life insurance guarantees payment of a death benefit to beneficiaries in exchange for level, regularly-due premium payments. The policy includes a savings portion, called the cash value, alongside the death benefit. In the savings component, interest may accumulate on a tax-deferred basis.
What is the difference between term life insurance and guaranteed life insurance?
Key Takeaways. Term life is pure insurance, whereas whole life adds a cash value component that you can tap during your lifetime. Term coverage only protects you for a limited number of years, while whole life provides lifelong protection—if you can keep up with the premium payments.
Does whole life insurance have guaranteed cash value?
Whole life policies provide guaranteed fixed cash value accounts that grow according to a formula the insurance company determines. Universal life policies accumulate cash value based on current interest rates and investments.
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