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Universal & Whole Life Insurance

Bayside Insurance offers universal and whole life insurance policies in Maryland.

Unlike term life insurance which only carries benefit while during the life of the current term, universal and whole life (permanent) insurance carries accruing cash value over the life of the policy. This value never expires and even grows in time. Further, universal and whole life insurance plans can even be borrowed against in many circumstances–a benefit that you will never receive with a term life insurance policy.

At Bayside Insurance, we offer customizable term life insurance policies as well as universal and whole life insurance policies. What’s the difference between the two and which one is better for you and your family? Our agents can help guide you based on what your unique needs are.

Get a Free Whole or Universal Life Insurance Quote in Maryland

We understand that purchasing life insurance is a very important decision. For your convenience, you can request a free quote online. If you’d prefer to speak to a knowledgeable member of our staff, we invite you to give us a call at our Easton or Chester, MD location. We’ll explain all the details—making your life insurance decision an easy one.

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Differences Between Universal and Whole Life Insurance

If you’re shopping for a permanent life insurance policy, you probably know by now that you essentially have two options–whole life insurance and universal life insurance. How exactly are the two different?

  • Whole Life Insurance – Whole life insurance caters to long-term goals by offering policy holders consistent premiums and a guaranteed cash value accumulation. The cash value of the account can be increased over time by paying the premiums, interest accrued on investments, as well as dividends on those investments.
  • Universal Life Insurance – Universal life insurance give policy holders flexibility in their premium payments, death benefits, and the savings associated with their life insurance policy. You can increase or decrease the face value of your insurance policy, but you may need to pass a medical examination and if you decrease coverage, you may have to pay a surrender charge.
    There are many other ways in which the policies can differ. Both policies have their strengths relative to one another and ultimately the policy that is right for one person may not be the best policy for another. Differing circumstances make it impossible that say that one type of permanent life insurance policy is ideal because different social, family, and economic situations make different types of policies better for different people.

At Bayside Insurance, we can help you assess your situation and determine whether a whole life insurance policy or a universal life insurance policy is a better fit for your needs and your budget.

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Benefits of Universal and Whole Life Insurance Policies

Unlike term life insurance policies, universal and whole life insurance policies have an accruing cash value that you never lose. Although policies can vary by provider, the cash value of whole and universal life insurance policies can generally be borrowed against,or transferred–although these policies are designed to cater to long-term policy holders and can lose some of the value.

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