There are two broad categories of life insurance that serve the permanent marketplace. They are known as whole life and universal life policies.
Today, universal life insurance with guaranteed premiums and face amounts comprise the majority of permanent coverage. These policies are consumer friendly because they make it easy to understand and compare cost from one carrier to another.
Most major insurance companies offer this coverage. Although some policies may generate nominal amounts of cash value, their primary benefit is the guaranteed nature of the premium and face amount, also known as the death benefit.
Underwriting categories for permanent coverage can be more advantageous for the insured as well, with some insurance companies offering special rates based on age and particular health issues.
