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Answered 2011-07-19 13:50:34

Universal life insurance means you will pay the same premium until death, where as with term life insurance you will pay a certain premium for a period of time and then may or not be offered the same premium again for another term.

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Life insurance is not based on risk pooling.


Universal Life Insurance Policies work by giving death benefits when one dies. Unlike other life insurance policies, universal life insurance policies generate interest over time.


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Universal life insurance is reasonable compared to other top life insurance companies. However, I prefer Great West Life. I find the customer service to be first rate, the premiums reasonable, and policy options plentiful.


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Universal is better term expires and if it does before you do-you get nothing. Different people in different circumstances need different types of insurance. Since we do not know anything about you other than that you presently have universal life insurance (or whole life, as it is more usually called) we have no basis to recommend whether you should convert it into term life or not.


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Universal Life allows you to vary the amount of your premium by using part of the accumulated earnings to cover part of the premium cost. You can also vary the amount of the death benefit. There are higher administrative fees associated with this plan due to the flexibility. Term insurance offers a death benefit but no cash value. Whole life insurance is more expensive, but offers a death benefit and cash value. There are also a lot of fees associated with whole life that most people don't realize due to the complex investment formulas. Variable life insurance builds up a cash reserve that can be invested in the options offered by the insurance company.


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Universal banks are able to take on a large number of functions because they are both a commercial bank and investment bank. Additionally, universal banks provide other financial services such as accounting, insurance, fund investment, and issuing of credit cards.



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