Sentences with phrase «guarantee universal life policies allow»

Unlike term and whole life insurance, which offer fixed premiums, guarantee universal life policies allow you to vary the amount and timing of your premiums — and even the death benefit — based on your individual circumstances.

Not exact matches

When the insured is age 70 — or at the end of the guaranteed period of level - premium — whichever occurs first, the insured is allowed to convert the level term life insurance policy over into a whole life insurance or a universal life insurance plan.

However, cash value accumulation isn't the usual emphasis of guaranteed universal life insurance, policies do allow for the accumulation of some cash value and allow you to access it.

Guaranteed universal life insurance is an attractive option for many that bridges that gap of financial insecurity, allowing policy holders to lock in a guaranteed death benefit and premium payments while providing flexibility and stability for hGuaranteed universal life insurance is an attractive option for many that bridges that gap of financial insecurity, allowing policy holders to lock in a guaranteed death benefit and premium payments while providing flexibility and stability for hguaranteed death benefit and premium payments while providing flexibility and stability for households.

Term life insurance can be contrasted to permanent life insurance such as whole life, universal life, and variable universal life, which guarantee coverage at fixed premiums for the lifetime of the covered individual unless the policy is allowed to lapse.

So, if a policyholder had purchased a Colony Term universal life 10 policy, and then they decided five years after purchasing it that they wanted to have coverage for the remainder of their lifetime, then the coverage extension feature would have allowed the insured to extend the death benefit protection guarantee to either age 90, age 100, or 105 — and, this could occur without the need for the insured to provide evidence of insurability.

Because ordinary universal life insurance must have cash value to stay in force, the guaranteed UL allows policies that would otherwise lapse to remain in force so that the beneficiary receives the death benefit that they are entitled to.

However, cash value accumulation isn't the usual emphasis of guaranteed universal life insurance, policies do allow for the accumulation of some cash value and allow you to access it.

When the insured is age 70 — or at the end of the guaranteed period of level - premium — whichever occurs first, the insured is allowed to convert the level term life insurance policy over into a whole life insurance or a universal life insurance plan.

The Income Advantage policy offered is an indexed universal life policy, but your money is never invested in the market and you are guaranteed to receive no less than 0 % in cash value growth which allows for better cash value accumulation.

In addition, if your needs or budget changes, most guaranteed universal life insurance policies allow you to adjust the amount of coverage you carry if needed.

These policies are known guaranteed universal life insurance, or GULs, and they allow you to lock in $ 25,000 or more of life insurance until a set age without requiring an investment.

If his parents had bought the right policy when he was young, his insurability would have been guaranteed at a rate that would have allowed him to have a universal life policy for about $ 200 a year.