There are many types of life insurance policies and it is important to know which ones you should go for, and which ones you should avoid. You need to be very clear about your needs and what you expect from a policy before deciding which of the two to go for. The simplest of these policies is Standard or Whole Life Insurance. This kind of policy will pay a fixed amount of money for the rest of your life in case you die. This policy is usually cheaper than the more expensive varieties like Variable Life Insurance and Universal Life Insurance and will usually provide the same cover.
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Variable Life Insurance is basically a 'risk-free' policy that allows you some control over how much money you want to pay for your cover. In the event that you die, the insurance company will have the choice of what they want to do with the money that you have paid into the policy. They can either invest it in an investment fund, give it to the family, or use it to buy a new life if you are alive. However, if you have this policy, it will probably not cover the cost of your funeral and burial costs.
Universal Life Insurance is designed to cover the costs of your dependents if you die within the policy period. It also pays out if you become ill or become too ill to work and therefore unable to earn a living. If you have this cover, you will have to pay a premium in order to protect the interests of your loved ones, although you will be protected against the risk of anything beyond the initial contract.
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These are just some of the main differences between these two different types of life insurance. There are other factors to consider when deciding between them. However, the main two areas that you should look at are cost effectiveness and what the company offers in terms of support after the end of the contract. In general, Whole Life Insurance has the higher premiums but provides more coverage, while Variable Life Insurance often has a lower premium but gives you less financial protection.
To compare between the two, take a look at the features of both. For example, you may be eligible for some voluntary death benefits. You may also want to ensure that you can borrow against the cover. Both should offer flexibility and peace of mind. However, if you want to make sure that you get the most money you can out of your policy, then you should consider getting Variable Life Insurance. The former is designed to give you an income in the event that you die during the contract, whilst the latter offers you a lump sum which can be used for any reason.
The last thing to consider when comparing between the two is what kind of peace of mind you will get. This comes from how you will be protected against the risk of anything happening to your loved ones in the short term. The cost of Whole Life Insurance policies can be expensive, whereas Variable Life Insurance comes with a fixed premium which is paid monthly, whilst you pay for the policy in the event that you expire or even die. The former is more expensive upfront, but can save you money in the long run.
Before you choose between these two options, you should consider the type of coverage you require. Your family may feel very upset if you were to die, but Whole Life Insurance is required by law in most countries. With this in mind, you may prefer to have this as a precaution. Alternatively, you could opt for Variable Life Insurance where you will be offered a lump sum that you can use to invest, so protect your family in the long run.
The best way to compare between the two is to get advice from professionals such as insurance agents. They will be able to give you advice on which is the better choice, which product is best for your circumstances and which company to go for. This may take time, but it is well worth it to ensure that you are protected financially for your entire lifetime. There is no point in risking your life for a few hundreds of pounds if you could do without that protection and save yourself hundreds.
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