Types of Life Insurance Policies
Survivorship Life Insurance Survivorship life insurance, also know as joint survivor life insurance or second-to-die life insurance, insures two lives and pays the death benefit upon the death of the second insured person.
As a result, universal life insurance premiums are typically lower during periods of high interest rates than whole life insurance premiums, often for the same amount of coverage. Another key difference would be how the interest is paid.
Variable life insurance is a permanent life insurance product with separate accounts comprised of various instruments and investment funds, such as stocks, bonds, equity funds, money market funds, and bond funds.
Variable universal life insurance (VUL) is a permanent life insurance policy with a savings component in which cash value can be invested. Variable universal life insurance (VUL) is a permanent life insurance policy with a savings component in which cash value can be invested.
Since whole life insurance policies are a true long-term investment, your relationship with the insurance company will literally last a lifetime. Picking a company with the highest ratings both for financial stability and customer service is the key. Do your homework and make sure that you feel comfortable with your insurance broker. Remember, the guarantees offered in whole life policies are ...