Sentences with phrase «element of a universal life insurance policy»

Not exact matches

A variable universal policy brings many of the benefits of other universal life types, including flexible premiums, and includes an annually renewable term life element to provide permanent life insurance.

The cost of insurance for the renewable term element inside a universal life insurance policy can be high in later years, but some companies reduce the cost of insurance by paying the death benefit to beneficiaries over an extended period of 30 years.

In addition, there are universal life insurance and variable life insurance policies which offer a combination of term life insurance and a savings element.

A universal life insurance policy is a unique combination of life insurance protection, policy options, and cash value building elements.

The universal portion means that premiums are flexible and the components of the life insurance policy (death benefit, savings element and premium) can be altered throughout the contract.

Premiums inside a universal life policy are split between two different areas: the savings element and the cost of insurance.

Generally applicable to current assumption policies such as equity indexed, variable and universal life, cost of insurance charges are monthly charges for mortality and other elements of insurer expense that are assessed against the policy based on the insured's current age, the original rate class, and the current net amount at risk.

Universal life, sometimes referred to as «UL,» is a life insurance policy that combined elements of term insurance with elements of permanent (sometimes called «whole life») insurance.

The universal life insurance policy is made up of term life insurance combined with a saving element.

For a variable universal life insurance policy, the savings element consists of separately managed accounts, referred to as sub-accounts.

Many universal policies pay competitive interest rates, and variable universal life (VUL) policies contain several layers of fees relating to both the insurance and securities elements present in the policy.