Los Angeles, CA – Overview of Our Life Insurance Options: Universal, Whole, Term

Life insurance is a key employee benefit, providing financial security for families in the event of a tragedy. Offering life insurance options such as universal, whole, or term coverage allows organizations to offer their worker’s different packages that fit their individual needs. With such offerings, employers can create strong workplace cultures and morale by demonstrating their commitment to taking care of employees and their families. Additionally, offering life insurance options can be instrumental in attracting and retaining talented professionals with valuable job experience or hard-to-find skills by demonstrating that their well-being matters. In this way, life insurance is essential to any organization’s benefits package.


When it comes to life insurance, there are a few different options available. Universal life insurance, whole life insurance, and term life insurance are the most common. Knowing which type of policy is right for you can be challenging to navigate, so let’s take a look at the basics of each one. 

Universal Life Insurance 

Universal life insurance provides flexible premiums and coverage that can change over time. It offers both guaranteed death benefits and cash value investments, meaning your premiums can go towards earning interest on extra money in an account that you can use to cover future premiums or even withdraw if needed. This type of policy has been around since the 1980s and is still popular with people who need more flexibility than traditional policies offer. 

Whole Life Insurance 

Whole life insurance is a form of permanent life insurance that pays out a set amount when you pass away. Unlike universal policies, whole life policies have fixed premiums that stay the same throughout the duration of the policy. Whole life also accumulates cash value over time, allowing you to borrow against it without tax implications or other penalties. This option is best suited for those who want to ensure their family’s financial security after they are gone. 

Term Life Insurance 

Term life insurance provides coverage for a set period of time (typically 10-30 years). This policy does not accumulate cash value as universal or whole policies do; instead, it pays out only if you pass away during your policy term. Term policies are usually less expensive than other types since they don’t offer any long-term benefits or build cash value over time; however, they provide peace of mind knowing that your family will be taken care of should something happen to you during the covered period. 


For organizations in Los Angeles looking for comprehensive employee benefits packages, understanding these three types of life insurance—universal, whole, and term—is critical to finding the right solution. At Employee Retention Benefits (ERB), we offer these three options along with other services, such as disability coverage and retirement plans to help organizations create well-rounded employee benefits packages tailored specifically to their needs. With over five decades of experience in insurance and best-in-class customer service, we’re confident we can provide you with premier life insurance packages. Contact us today for more information about how we can help your organization find the best life insurance fit for its employees!

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