![]() You are responsible for reviewing the statements and making required changes such as paying a premium if the cash value is decreasing. The company provides you annual statements showing policy activity for this purpose. ![]() Requires your active monitoring and participation.This option may be useful if you want to change the face value to reflect your insurance needs. Allows flexibility with regard to the amount of the death benefit.Allows for policy loans and cash withdrawals to the extent cash value is available.Note: Targeted premiums may increase if they are not adequate to keep the insurance in force as you get older. You may elect to pay additional premium, pay a reduced premium or skip a premium completely if there is sufficient cash value in the policy to cover the insurance and administration costs. Allows flexibility with regard to premium payments.A higher interest rate is paid when interest rates are high. Guarantees a minimum interest rate on the policy's accumulated value each year.The protection is provided for your lifetime. Single Premium - This type of policy requires you to pay the total premium in one lump sum when you buy the insurance.The agent collects the monthly premium at your home. Monthly Debit Ordinary - This type of policy is marketed by an agent at your home.Family Policy - This type of policy can be purchased for a spouse and children in addition to the whole life policy purchased for the insured.The benefit is paid after the last insured person dies. Last Survivor Life - This type of policy is bought by two or more people.The benefit is paid when the first insured dies. Joint Whole Life - This type of policy is bought by two or more people.If the insured dies before the maturity date, the benefit is paid to the beneficiary. If the insured is still living, the benefit or endowment is paid to the policyowner. Endowment Life Insurance Policy - This type of policy has a maturity date on which the benefit will be paid.Once the policy is "paid-up," the coverage remains in force, but no further premiums are due. Limited Payment Whole Life Policy - This type of policy is "paid-up" after a specified number of years or at a specified age such as 60 or 65. ![]() The premium remains the same for the life of the policy. This type of policy is designed for a person who needs more coverage early in life when debts are higher and children are younger, but whose need for coverage decreases over the years. For example, the policy may start out with a $500,000 benefit which decreases by $100,000 every five years until it becomes a $100,000 policy. Modified Coverage Policy - The face value of this type of policy decreases by specified amounts either when you reach a certain age or at the end of a specified time period.The face value of the policy remains the same throughout the life of the policy. This feature allows you to purchase a larger death benefit and pay a lower premium initially and then pay a higher premium at a certain time (usually 5, 10, 15, or 20 years later) when you may be better able to afford it. Modified Premium Policy - The premium for this type of policy starts out lower and then increases at a specified time. ![]()
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