That will depend on your personal status and purpose. My personal objective was to have enough coverage that if I passed away, my mortgage would be paid off and my children would inherit the home free and clear. I purchased enough insurance to cover the length of the mortgage; this is known as Term Insurance. In this scenario there is no cash accumulation, and you are basically renting insurance until the term is over, for my purpose Term Life is the least expensive and serves my purpose. As with all life insurance, you do have to qualify but here is the great part; before the term is up, you can convert to a lifetime policy without a medical. So, if you would not otherwise qualify, they must accept you even if you are terminal!

Both are permanent policies as opposed Term Life. Whole Life gives you consistent premiums and a potential of accumulation of cash value. A Universal Life offers you flexible premiums and death benefits and you can also borrow against the policy tax-free! Universal Life offers different payment options, and you can change the death benefits as the years pass, you can skip payments if the cash value is enough to cover the required monthly cost. Whole life cash value is tax-deferred as well and consistent payments every month. Here are a few key differences: Universal Life interest is often adjusted monthly while Whole Life is adjusted annually.  Both types are designed to leave money for your loved ones when you pass away but some people prefer a consistent death benefit and premium and the potential growth of a Whole Life and some people prefer the flexibility and options Universal Life offers, they both work and meet the objective of TAX-FREE MONEY for your loved ones!

An IUL is a hybrid policy that gives you a tax-free death benefit and tax-deferred growth of an annuity at the same time! When you pay your premium, a portion pays for the cost of insurance and the balance is added to the cash value which goes to work for growth and accumulation of earning! The total of the cash value is credited based on the growth of the of the equity index allocations (like a pie chart). You are not directly invested in the stock market so there is no downside The structure of the IUL is very flexible and the owner is involved creating their policy based on what they can afford, timelines.

The answer is yes! A Life Insurance policy is basically a piece of property but there are certain requirements that must be met, 3^rd party investors will bid on your policy and give you an upfront settlement as they continue to make the payments. The investor(s) now becomes the owner, you remain the insured and when you pass away, they collect the death benefit which is tax free to them.   You are not obliged to accept any offer and in the case of my father, his first offer was $18,000.00 which he wanted to take. We told him to hold off and he was eventually offered $40,000.00! In general, the older you are and the bigger the offer.