Universal life insurance — which may also be referred to as adjustable life — is a type of permanent life insurance that’s intended to provide benefits until the day you die. However, this type of policy may be more flexible than a traditional whole life insurance policy. While both whole...
You can also take out a life insurance policy to create an inheritance for your children or to make a charitable donation.In addition, you can borrow against the cash value of a whole or universal policy to fund expenses like your child’s college tuition or a down payment on a house. ...
You can also take out a life insurance policy to create an inheritance for your children or to make a charitable donation.In addition, you can borrow against the cash value of a whole or universal policy to fund expenses like your child’s college tuition or a down payment on a house. ...
an extended family member, or a nonprofit. Some policies, such aswhole or universal life insurance, allow you to access your life insurance funds while you are alive. You may be able to borrow against your policy as long as you continue to pay premiums, and then ...
Universal life insurance is a type of permanent life insurance policy that offers flexible premiums. You can increase or decrease the premiums you pay — if you decrease your payments, the difference can be withdrawn from your policy’s cash value. Variable life insurance Variable life insurance...
Rather, the “guarantee” part of guaranteed universal life insurance refers to the death benefit, which is guaranteed for your entire life as long as you continue paying the premiums. However, guaranteed universal life insurance doesn’t have all the bells and whistles of whole life insuranc...
How does life insurance work? Life insurance covers the life of the insured person. The policyholder, who can be a different person or entity from the insured, pays premiums to an insurance company. In return, the insurer pays out a sum of money to the beneficiaries listed on the policy ...
How does term life insurance work?Term life insuranceprovides coverage for a certain number of years, typically between 10 and 30. With term life insurance, you decide how long you anticipate needing the coverage — for example, until the mortgage is paid off, until the kids graduate from col...
A term life insurance policy is a contract that lasts for a set period of time (usually between 10-30 years) where the insurance company pays your beneficiaries a lump sum if you die while the policy is active.
Universal life insurance:With universal life insurance, a portion of the premiums is invested in stocks, bonds or other available investment options. Growth from the investments can be used to pay the cost of the premiums. And whether universal life insurance includes a guaranteed death benefit dep...