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After answering a few questions about yourself and the type(s) of insurance you’re interested in, AOL MyLifeProtected will present you with multiple quotes for you to compare. Once you’ve picked the one you like, an AOL MyLifeProtected representative will call you about the details of your policy and close the deal.
The insured party normally pays premiums until death, except for limited pay policies which may be paid up in 10 years, 20 years, or at age 65. Whole life insurance belongs to the cash value category of life insurance, which also includes universal life , variable life , and endowment policies .
After the policy is issued the owner may elect to annuitize the contract (start receiving payments) for a chosen period of time (e.g., 5, 10, 20 years, a lifetime). This process is called annuitization and can also provide a predictable, guaranteed stream of future income during retirement until the death of the annuitant (or joint annuitants).
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 benefits, which pay the policy's cash value—i.e., a face amount plus earnings/interest. If the cash value grows over time, the death benefits do too.
Another drawback of term life insurance is that it only provides coverage for a set period. If a policyholder buys a 10-year term policy but dies 11 years after purchasing it, no death benefit is ...
MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company (MLIC), [3] better known as MetLife, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with around 90 million customers in over 60 countries. [4] [5] The firm was founded on March 24, 1868. [6]
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This page was last edited on 15 January 2024, at 23:36 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply.