|Annual Renewable Term||"Pure" life insurance with no cash value element; highest death benefit for the lowest premium||Short to intermediate term need||Fixed, level||Increasing, exponential|
|Whole Life||Known maximum cost and minimum death benefit levels; dividends may reduce premiums||Anyone who needs lifetime coverage||Fixed, level||Fixed, level|
|Variable Life||Whole life contracts; choice of investment assets; death benefits depend on investment result, but with guaranteed minimum||Need for investment performance||Guaranteed minimum; can increase based on investment performance||Fixed, level|
|Universal life A&B||Flexible premium current-assumption adjustable death benefit policy; policy elements unbundled; two death benefit options (A & B)||Flexible premiums and benefits||Adjustable; Option A - Ordinary Life; Option B - Ordinary Life plus term rider equal to cash value||Flexible option of policy owner|
|Universal Variable Life||Features of universal and variable life||Need for performance and flexibility||Adjustable||Flexible option of policy owner|
|Type||CV or Dividend Use Current Interest||Cash Value||Advantages to Owner||Disadvantages to Owner|
|Annual Renewable Term||-||None||Low premium for coverage||Increasing premium; most term insurance is lapsed|
|Whole Life||yes||Fixed||Predictable; forced savings and conservative investment||Higher premiums|
|Variable Life||-||Based on investment performance; not guaranteed||Combines life insurance and investments on excess premiums||All investment risk to owner|
|Universal life A&B||Yes||Varies depending on face amount and premium; not guaranteed||Flexible||Some investment risk to owner|
|Universal Variable Life||-||Varies depending on face amount, premium and investment performance||Flexibility and investments||All investment risk to owner; greater mortality risk to owner|
RetirementUnderstand the various types of life insurance, how each can be used in personal or business financial planning, and for whom they are best-suited.
RetirementPermanent life insurance combines lifetime insurance with savings to provide lifelong security. Premiums are quite high because they’re partially invested.
Financial AdvisorLife insurance was initially designed to protect the income of families, particularly young families in the wealth accumulation phase, in the event of the head of household's death.
InsuranceLearn the difference between term life insurance and whole life insurance. Understand when it is beneficial to buy each type of life insurance.
Financial AdvisorConsumers have choices when it comes to life insurance. Knowing your future needs for cash or retirement can make the difference in what you select.
Financial AdvisorDo you know why you might need one policy versus the other? Read on to find out.
Financial AdvisorIndexed universal life insurance has its pros and cons. Here's what you need to consider before purchasing a policy.
InsuranceLife insurance can be a difficult decision to make, especially for a young adult. Here's a look at the benefits and costs of getting whole life insurance.
Managing WealthA universal life insurance policy is a flexible form of permanent life insurance that offers the low-cost protection of term life with a savings element.
Financial AdvisorIn most cases, this is unnecessary, though a small policy offers benefits in certain cases.