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Permanent Life Insurance

Universal Life Insurance

By Todd Phillips

The first creation under the umbrella of permanent insur­ance that actually separated the cost of insurance from the investment deposit was universal life. The first generation had heavy front-end loads and used 1958 mortality table assumptions, but the product continued to improve and, within two years of its creation, companies began to introduce the "second generation." Universal life, a consumer-created product, has become the mainstay of the insurance industry.

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Term vs. Permanent Life Insurance

Choosing which type of policy to purchase is the biggest decisions you will make while purchasing life insurance. There are numerous advantages and disadvantages to each type of policy, but it mostly depends on your savings mentality and individual financial situation.

I like to compare term insurance to renting, where God is your landlord and the property manager is your insurance company.  The cost of renting may seem less than buying, but often prices go up over time and when your lease is up, you have nothing to show for it. 

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