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What are the different types of permanent life insurance?

Whole life - created in 1960s Fixed premium and death benefit - one amount of premium for a guaranteed death benefit Growth - On average 3.5% annually Variable universal life - created in the 1980s Flexible premium and cash value - Cash value is invested in sub-accounts that are managed by the insurance company. The investment value can fluctuate with market performance and 100% of the investment risk is taken on by the policy owner Growth - Rate depends on market performance Index universal life - created in late 1990s Flexible premium and cash value - Cash value grows based on an index (such as the S&P 500) but within a cap and floor, meaning the growth will not exceed a maximum growth or drop below a minimum growth level. For example, a market growth of 30% may be capped at 15% but a market drop of -10% may equate to a floor of 0% (no loss) Growth - Rate depends on the market, but often equates to 5-7% annually on average There are other types of permanent life insurance, such as universal life insurance.

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