There are two broad categories of life insurance that are available for permanent
coverage. They are known as whole life and universal life insurance policies.
Today, universal life insurance for seniors 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. This is a major advantage in most cases because it’s easy to compare prices when all premiums are guaranteed to be level for as long as the insured lives.
Most major insurance companies offer universal life insurance 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.
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