Which type of policy combines the flexibility?

What type of insurance offers permanent life insurance?

Whole life insurance is the most common type of permanent life insurance, according to the Insurance Information Institute (III). Typically, a whole life policy's premiums and death benefit stay fixed for the duration of the policy. Whole life policies have a guaranteed rate of return, according to Life Happens.

What is a flexible life insurance policy?

An adjustable life policy gives the policy owner the options to adjust the face value, premium, and length of coverage without having to change policies. ... It also offers the flexibility to convert to any form of insurance (from term to whole life, for example).

Which type of policy combines the flexibility of a universal life policy with investment choices?

Variable universal life insurance products feature the same investment opportunity plus more. These whole life policies allow for the investment of its cash value, as well as flexible premiums and a flexible death benefit.

Which type of life insurance policy offers a flexible premium quizlet?

A Variable Life policy guarantees a minimum death benefit while also allowing for an increasing death benefit depending on the success of the investment element. A Variable Universal Life policy offers the policyowner flexible premium payments. Universal Life offers flexible premiums and a flexible face amount.

What are the types of multiple protection policies?

survivorship life policy". Under a multiple protective policy, the policy that pays on the death of the last person is called a survivorship life policy.

What kind of insurance policy covers two or more people?

A joint life insurance policy covers two people and pays out either after one policyholder dies (first-to-die) or after both policyholders die (second-to-die or survivorship).

Which of the following is a characteristic of a universal life insurance policy quizlet?

All of the following are characteristics of universal life insurance, EXCEPT: ... -For most universal life policies, the insured's premium payments are flexible. Three interest rates are stipulated in the policy. The cash values in variable universal life insurance are guaranteed, as are a minimum interest rate.

Which of the following policies combines investments?

Which of the following policies combines investment choices with a form of Term coverage? Variable Universal Life combines investment choices with a form of Term coverage.

What is a variable insurance policy?

A variable life insurance policy is a contract between you and an insurance company. It is intended to meet certain insurance needs, investment goals, and tax planning objectives. It is a policy that pays a specified amount to your family or others (your beneficiaries) upon your death.

What type of premium does straight life policy have?

What type of premium does a straight life policy have? Straight refers to the premium structure of the whole life insurance policy. This terminology denotes that premiums for the plan will be level, meaning they will not increase or decrease during the life of the policy.

What is universal insurance policy?

Universal life insurance is a type of permanent life insurance. With a universal life policy, the insured person is covered for the duration of their life as long as they pay premiums and fulfill any other requirements of their policy to maintain coverage.

Does universal life insurance has flexible premium?

Universal life (UL) insurance is permanent life insurance (lasting the lifetime of the insured) that has an investment savings element and low premiums similar to those of term life insurance. Most UL insurance policies contain a flexible-premium option.

What is group universal life insurance?

How group universal life insurance works. GUL is a type of permanent life insurance that features a savings component. Employees may choose to pay only the cost of insurance or to make additional contributions to a cash value account that can be accessed through loans or withdrawals.

What is joint policy?

The Joint life term insurance policy gives coverage to two people. The premium is paid by both the insured pears for the fixed period, and the pay-out is on a first death basis. In case one of the policyholders dies, the sum assured is paid to the other policyholder.

What is flexible premium adjustable life policy?

Adjustable life insurance is a hybrid policy that combines characteristics from term life and whole life insurance. ... Also known as flexible premium adjustable life insurance, the policy has a cash value component that grows with the insurer's financial performance but has a guaranteed minimum interest rate.

What is flexible protection rider?

Flexible Protection Rider: Blends term insurance with the whole life policy to build death benefit. Issue Ages: 0-85. Available at policy issue only1. This rider provides access to a larger death benefit at a lower cost.

What are the 3 types of life insurance?

There are three main types of permanent life insurance: whole, universal, and variable.

What are the 4 types of life insurance?

What are 4 types of whole life policies?

Which policies combines life and health coverage?

Combined Insurance offers a whole life insurance policy in addition to accident, disability, and supplemental health insurance. You can get some of the coverage options without a medical exam and have the potential to receive cash benefits.