Universal Insurance vs. Whole Life Insurance Frequently Asked Questions

What is whole life insurance?

Whole life insurance is a type of permanent life insurance that pays a death benefit to your beneficiary regardless of their age at the time of your death.

Which life insurance provider is the best?

The best life insurance company is one that offers the right life insurance coverage for your needs. Consider how much coverage you need, the costs associated with your age and health, and how much you can afford to pay in insurance for as long as you need it.

Is it better to take out whole life insurance or universal life insurance?

One is not inherently superior to the other; it all depends on your specific requirements, risk tolerance and need for flexibility.

The price of life insurance is another aspect to take into account, so you should look for different policy alternatives and insurance companies to discover the one that best suits you.

What does Universal Life insurance offer?

Universal Life, like Whole Life, provides permanent coverage with the ability to build cash value.

At what age to take out life insurance?

Hiring life insurance is linked to age requirements that are imposed by law or because the companies establish it. The minimum and maximum ages to take out life insurance are:

  • The Insurance Contract Law stipulates that minors under 14 years of age cannot take out life-risk insurance (death)
  • Minors between 14 and 18 years of age may take out life insurance as long as the minor is not the policyholder but a third party and the legal representatives of the minor give their express consent.
  • Legally, there is no maximum age to subscribe to this type of insurance, but insurers establish 65 or 70 years as the maximum age for signing.
  • The best age to take out life insurance, according to experts, is to do so between the ages of 30 and 40, at the beginning of working life or the creation of a family

Basic life insurance coverage

  • Death is the basic coverage of all life insurance offered by Spanish companies. However, others are added to this to guarantee safety in the event of:
  • Absolute and/or permanent disability
  • Funeral expenses: although it is a more common coverage in death insurance. There are some risk life insurances that include it
  • Serious illness that prevents the normal development of professional and personal activity

Types of life insurance

  • Life Insurance Risk: indicated to protect against permanent and absolute disability or death. Although if the policy expires and the policyholder is still alive. The insurer will not have to compensate. They can be find in two different types: term life insurance (the policy is subscribe for a certain period of time) and whole life insurance (you will have it throughout your life).
  • Life Savings Insurance: ensures that the beneficiary will receive compensation. When they reach a certain age, without dying.
  • Mixed Life Insurance: this policy is the union of the previous two. It allows the beneficiaries to be assist in the event of death. But the insure person will also be give an amount establish in the contract in the event that he or she survives to a certain age.


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