Variable types, as it is often referred to is a type of whole term policy that offers some of the flexibility as a universal life insurance policy. The whole life term annuity aspect of these policies is that there is always a guaranteed payout when the policy is issued. It is also a type of permanent insurance that is insurance that does not have to be renewed and is usually available for the buyer’s entire life. As with term life insurance, part of the premium is invested so it can gain in value over the years. This is called cash value. The cash value can also be borrowed against if money is needed before the buyer’s death. Probably the biggest advantage of these types of policies is that they are tax exempt investments. Meaning that the money you put in to the premiums and the cash value that appreciated is not taxed until money is taken out of the policy or the policy is collected.

Term life coverage offers a specific length of time for an agreed upon price. Your premiums do not fluctuate; you pay the same premium throughout the life of the policy. Another benefit of such types of policies is that you can usually get a higher death benefit than you can with any other type of life annuity. Although term life is only for a specific amount of time, it is renewable in most cases, providing your health or lifestyle has not changed dramatically. If money is of great importance, term life policy is the most affordable life security available.

The price you pay for life insurance is determined by how likely it is for you to die. When you apply for life insurance there are many steps you must go through to complete the application process. You must answer over a hundred questions about your health status and lifestyle. You must list every disease you have ever had. If you have had a disease you must detail all the circumstances of your illness. If you are over 50 be prepared to write a lot. They want to know every health problem you have ever had since you born. Next, they want to know about your family’s health history.

Universal policies is another option available. While just slightly more expensive than term life annuity, it offers benefits of both a term life annuity policy and a whole life annuity policy. Universal policies is the most affordable life annuities for those who are looking for a policy that not only accumulates cash value, but also offers a great deal of security. With universal type of polices you are still able to borrow against the cash value of the policy. The cost of universal types falls in to the cost of term life annuity and whole life annuity. If you are looking for both flexibility and the potential for return on your investment, universal life annuity might be the most affordable life protection for you. Variable policies is yet another option for those looking for the most affordable life coverage for your unique situation.

Most agents will be more than happy to fill you in on the details of variable life insurance. They will also explain all the other options you might have. Variable life insurance is a great option for those who are seeking both a guaranteed life insurance benefit with the flexibility of a universal life insurance policy. Now is a great time to invest in life insurance, and one of the best options available is the variable life insurance policy.

Again, with all things in life these days, you have to protect yourself from disreputable life insurance peddlers. However, if you do your research and explore all your options you will be able to make a decision you will be happy with.

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