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provides the most insurance for the least dollars. Death protection only. Matures only at death...during the term
term that can be renewed without proof of insurability...but at a much higher premium.
Renewable term which allows the insured to reestablish insurability...to earn a lower premium
Term that can be converted to whole life (at attained age) without proof of insurability...but at a much higher premium
interest sensitive whole life
a whole life policy written using current assumptions concerning mortality, interests and expenses. Cash value can grow at rates higher than the guranteed minimum
policyowner can choose two of the three: death benefit, premium or type of insurance (whole life/Term)
AKA variable Whole Life. Cash value not guranteed. A minimum Death Benefit is guranteed. Owner can control where cash value is invested
death protectionis always term. Owners can make policy funtion life term or whole life by pumping more or less cash. Owner can take money from cash value without paying it back
Same as universal plus owner can also control where cash balue is invested. No guarantee cash value
Modified Endowment Contract
Occurs when your cash value grows too fast. When it happens you lose all the tax benefits of a life insurance policy.
Double Jointed Annuity
Provides income for anyone who can reach an armover their head and pull their wallet out of their back pocket. Primariliy for circus people
Not guranteed for life. You put money in. Company pays out. Definite start, definite stop - like a bridge
The value of your account is in units, not dollars. Company gurantees a certain number of units for the rest of your life. Value in dollars can go up or down
Joint and Survivor Life Annuity
Provides retirement income so long as either your or your spouse is alive
Refund Life Annuity
Guarantees your an income for life, but if your die before collecting the total face amount of your annuity, the company will refund the remainder to your heirs. Not a death benefit
Life Annuity With Period Certain
Gurantees retirement income for the rest of your life. Even if you die, the company will continue paying your income until the end of the period certain (5, 10 years)
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