While standard whole life insurance policies can provide funeral and burial coverage, final expense no medical insurance policies provide superior coverage given the facts they contain a lower face
value than traditional life insurance policies.
This type of policy has higher fees and costs of insurance but if the performance of the variable funds is strong the owner could end up with a higher cash
value than a traditional life insurance policy.
Not exact matches
A large portion of your premiums payments will be invested in the
insurance company's investment fund in whatever asset class you prefer (stocks, bonds, mutual funds, money market funds, etc.) Over time, this has the chance to generate a much larger cash
value in your
insurance account
than a
traditional whole
life policy does.
Although the face
value (death benefit) is typically smaller
than that of a
traditional life insurance policy, so are the premiums.
The HECV
policy is designed for executives, such as key person
insurance, with significantly higher early cash
value than traditional whole
life policies.
Because the
policy is written for a specified
value, it is usually easier to get
than traditional term
policies, and you will not have to undergo a medical exam to qualify for most mortgage
life insurance policies.
Although the face
value (death benefit) is typically smaller
than that of a
traditional life insurance policy, so are the premiums.
Typically,
life insurance policies that are used to supplement retirement benefits provide you with a low death benefit relative to the cash
value and premium payments, but offer you a higher cash
value than you would otherwise get with a straight whole
life or a
traditional universal
life policy.
Not only does it provide universal
life insurance coverage, but the
policy's index - linked accounts provide more potential for cash
value growth
than traditional universal
life insurance, with less risk
than variable universal
life insurance.
No load
life insurance allows your cash
value to accumulate faster
than a
traditional whole
life policy would, since more of your premiums are going towards that cash
value rather
than paying into commission.