| Features |
Term Life |
Permanent Life |
Universal Life |
| Coverage (years): |
Provides coverage for a specified term. |
Covers to age 100 |
Covers to age 100 |
| Multiple Person Coverage: |
Can be structured to provide coverage on more than one person, but pay out a death benefit on the first death. |
Can be structured to provide coverage on more than one person, but either pay the death benefit on the first death or pay the death benefit on the last death. |
Can be structured to provide coverage on more than one person but either pay the death benefit on the first death or pay the death benefit on the last death. |
| Guaranteed Premiums |
Initial premium during coverage term is generally guaranteed. |
Premiums for the basic insurance coverage are guaranteed. |
A universal life policy typically contains guarantees on some of the monthly charges. Costs of insurance charges are usually guaranteed whereas premium tax, policy fee and any insured life fee may not be. |
| Cash Value |
No |
Yes |
Cash values are available based on investment performance but not general guaranteed. |
| Guaranteed Death Benefits |
Guaranteed for the specified coverage period. |
The basic death benefit is guaranteed. Additional death benefits purchased with dividends from insurance company (investment) may or may not guarantee based on performance. |
Generally not guaranteed |
| Policy Owner Dividends (Investment) |
N/A |
Based on the performance and the return of asset of the insurance company. |
N/A |
| Investment Options: |
N/A |
Investments select and manage by insurance company |
Client choose investment accounts from a variety of guaranteed fixed-income, index-linked, and managed investment accounts. |
| Optional Benefits: |
Yes |
Yes |
Yes |