Types of Life Insurance Policies - 2

How does whole life insurance work? A whole life policy is a type of permanent life insurance that has both a death benefit and a cash value.

If the company you buy insurance from puts dividends into it, the cash value can grow. There are often dividend options in mutual life insurance policies and in some policies sold by stock insurers. Dividends can be based on things like how well the company did with its money.

Read our guide to whole life insurance if you want to learn more.

What is life insurance that covers everyone?

Permanent life insurance is also made up of things like universal life insurance. One big difference between whole life insurance and universal life insurance is how flexible the policy is.

With many universal policies, you can change your premiums and the amount you get if you die while the policy is still in effect. There are also different kinds of universal life insurance, such as indexed universal life (IUL), variable universal life (VUL), and guaranteed universal life insurance.

What is life insurance with no exams?

When you sign up for a no-exam life insurance policy, you don't have to take a medical exam. These policies can be either for a set amount of time or for life. Most of the time, getting approved for these types of policies is quick because you don't have to schedule and go through a medical exam.
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