If you are looking to purchase a life insurance product, you may find that there are two common types of life insurance policies; universal and whole life. At Goshen Group Inc., serving the greater Glen Carbon, IL area, we are often asked what the differences between these two types of life insurance products are.

Here are the key differences between universal and whole life insurance:

Whole Life Insurance

Whole life insurance is a set life insurance policy that remains the same throughout your life. The amount of your policy stays the same, and your payment remains the same. This type of policy stays in place throughout your whole life, helping to ensure that your premiums do not increase as you age. 

Universal Life Insurance

Universal life insurance differs from whole life insurance in that your plan can change as you age. The amount the policy pays out may change the older you get. Your life insurance premiums may also change as you go through life. Universal life insurance also gives you the option to adjust your policy as you go through life. This means you can also increase your policy limits or decrease them, based on what is happening in your life and what your needs are. 

Contact Us Today

Whole life insurance and universal life insurance are the most common types of life insurance policies out there. If you are looking to ensure your family is financially secure and covered in the event you prematurely or unexpectedly pass away, or you just want to ensure that your final expenses are paid for, a life insurance policy may be right for you.

Here at Goshen Group Inc. serving the greater Glen Carbon, IL area, we can help you find the right policy and coverage limit. Reach out to us today to learn more.