Whole Life and Universal Life are types of permanent life insurance. They offer protection for the life of the insured if premiums are paid on time.
The most important feature of Whole Life Insurance and Universal Life Insurance policies, is Cash Value build-up. The cash value amount can be used to increase the death benefit, supplement retirement funds, can be used as loans for personal use which can be re-paid back to the policy.
Permanent life insurance policies can cover personal needs (family protection, asset protection, pension supplement, loans, self banking or Infinite Banking concept) or business needs (repayment of business loans, funding of Buy/Sell or Buy-out contracts, Key Person insurance, Business continuation, etc).
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