MANAGEMENT

Detailed explanation-1: -The four most common types of permanent, cash value life insurance are whole life, standard universal life insurance (UL), variable UL, and indexed UL. All these policies can provide life-long insurance protection and a tax-advantaged financial asset.

Detailed explanation-2: -As a type of permanent life insurance, whole life insurance provides coverage for your entire lifetime, paying your benefit no matter when you pass away-as long as you keep paying your bill. Whole life insurance also includes a savings component that a portion of your premium will pay into.

Detailed explanation-3: -With a permanent life insurance policy, you can access something called “cash value, ” which works similarly to a savings account. Perm life insurance coverage is essentially split into two components: cash value and death benefit. When you pay into the policy, you’ll fund both of these pots.

Detailed explanation-4: -Permanent life insurance plans usually have the basic components of other types of life insurance policies, like the death benefit and some type of savings element. The name refers to the fact that these policies are meant to last indefinitely, or until the policyholder passes.