Which of the following types of permanent individual life insurance is included in the common classifications?

The correct answer focuses on Whole Life, Variable Life, and Universal Life as the types of permanent individual life insurance included in common classifications.

Whole Life insurance is a classic form of permanent insurance that provides coverage for the insured's entire life, as long as premiums are paid. It typically features a fixed premium and a guaranteed death benefit, which is crucial for financial planning and legacy fulfillment.

Variable Life insurance, on the other hand, allows for the investment of the cash value in various investment options, which means the cash value and possibly the death benefit can vary based on the performance of these investments. This type is suitable for policyholders who are interested in market performance and are willing to take on some investment risk for potentially higher returns.

Universal Life insurance is another type of permanent coverage that offers flexibility in premium payments and death benefits. This insurance builds cash value based on interest rates declared by the insurer, which can be adjusted over time. The flexible nature of Universal Life makes it appealing for individuals seeking adaptable life insurance solutions.

The other options include classifications that are either not accurate or do not fall under the permanent individual life insurance category. For example, Term Life insurance is inherently different because it only provides coverage for a specified period. Similarly, Endowment Life