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Universal life insurance (often shortened to UL) is a type of cash value [1] life insurance, sold primarily in the United States.Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest.
Additionally, when compared to universal life insurance, term life is much simpler. It has fixed premiums and benefits and doesn’t come with a cash value component.
Are you sure you’ve calculated the right amount of life insurance to fully protect your family’s financial future?
Indexed universal life insurance defined. Indexed universal life insurance is a type of permanent life insurance that has both a death benefit and a cash value element. The cash value grows based ...
Variable universal life insurance (often shortened to VUL) is a type of life insurance that builds a cash value. In a VUL, the cash value can be invested in a wide variety of separate accounts, similar to mutual funds, and the choice of which of the available separate accounts to use is entirely up to the contract owner.
Indexed universal life (often shortened to IUL) is a type of universal life insurance product that offers a death benefit coupled with a cash value account that can be used to pay policy premiums or take withdrawals and loans. [1]
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