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The advantage of the universal life policy is its premium flexibility and adjustable death benefits. The death benefit can be increased (subject to insurability), or decreased at the policy owner's request. The premiums are flexible, from a minimum amount specified in the policy, to the maximum amount allowed by the contract.
Flexible premium payments: Universal life insurance allows you to adjust your premium payments. As long as there’s enough cash value to cover costs, you can pay more during good financial ...
Adjustable life insurance, also known as universal life insurance, offers more flexibility. The policyholder can change […] The post How an Adjustable Life Insurance Policy Works appeared first ...
Another feature of flexible death benefit is the ability to choose option A or option B death benefits and to change those options over the course of the life of the insured. Option A is often referred to as a "level death benefit"; death benefits remain level for the life of the insured, and premiums are lower than policies with Option B death ...
A flexible premium deferred annuity offers a way to invest in an annuity, without having to pay a large lump sum premium all … Continue reading ->The post What Is a Flexible Premium Deferred ...
The standard set was twofold: to define a maximum amount of cash value per death benefit and to define a maximum premium for a given death benefit. If the maximum premium is exceeded the policy no longer qualifies for all of the benefits of a life insurance contract and is instead known as a modified endowment contract or a MEC.
Since the death benefit is generally paid tax-free to beneficiaries, a life insurance policy can help heirs manage estate taxes without needing to liquidate assets, making it a strategic asset for ...
Terminal illness insurance (known as accelerated death benefit in North America) pays out a capital sum if the policyholder is diagnosed with a terminal illness from which the policyholder is expected to die within 12 months of diagnosis by a physician who specializes in that illness or condition. The payout is still valid even if the insured ...