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Life Insurance Basics |
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Buying a Policy? |
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What
are the different types of permanent policies?
- Whole or ordinary life
This is the most common type of permanent insurance policy.
It offers a death benefit along with a savings account.
If you pick this type of life insurance policy, you are
agreeing to pay a certain amount in premiums on a regular
basis for a specific death benefit. The savings element
would grow based on dividends the company pays to you.
- Universal or adjustable life
This type of policy offers you more flexibility than whole
life insurance. You may be able to increase the death
benefit, if you pass a medical examination. The savings
vehicle (called a cash value account) generally earns
a money market rate of interest. After money has accumulated
in your account, you will also have the option of altering
your premium payments – providing there is enough
money in your account to cover the costs. This can be
a useful feature if your economic situation has suddenly
changed. However, you would need to keep in mind that
if you stop or reduce your premiums and the saving accumulation
gets used up, the policy might lapse and your life insurance
coverage will end. You should check with your agent before
deciding not to make premium payments for extended periods
because you might not have enough cash value to pay the
monthly charges to prevent a policy lapse.
- Variable life
This policy combines death protection with a savings account
that you can invest in stocks, bonds and money market
mutual funds. The value of your policy may grow more quickly,
but you also have more risk. If your investments do not
perform well, your cash value and death benefit may decrease.
Some policies, however, guarantee that your death benefit
will not fall below a minimum level.
- Variable-universal life
If you purchase this type of policy, you get the features
of variable and universal life policies. You have the
investment risks and rewards characteristic of variable
life insurance, coupled with the ability to adjust your
premiums and death benefit that is characteristic of universal
life insurance.
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