Types of Whole Life Insurance
Level Payment
Premiums remain unchanged throughout the duration of the policy. This is the most common type of payment plan.
Single Premium
Ideal for those who prefer a one-time payment, this option fully funds your policy for life. Remember, it typically has different tax implications than a modified endowment contract.
Limited Payment
Pay premiums for a set number of years with this option. While the premiums are higher, the payment period is shorter, offering a balance between cost and duration
Modified Whole Life Insurance
Starting with lower premiums that increase in later years, this option initially eases the financial burden but will cost more over the long term.