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What else can I help you with?
Can variable universal life insurance be converted into a fixed account?
Variable universal life insurance is not an account. It is a policy that invests in separate accounts in an attempt to earn higher returns than a fixed policy. A variable universal life insurance policy can be converted into a different type of life insurance policy but not a different kind of account.
What is the name of the life insurance policy that only a securities broker can offer?
Variable Universal Life (VUL)
Can you borrow from your insurance policy?
Borrow - No. You cannot borrow directly from your insurance policy. But, you can borrow with your insurance policy as "collateral". Only certain types of insurance policies where there will be a guaranteed payout at maturity will be eligible for loans. Simple pure term policies that pay nothing if you outlive the policy period will not be eligible for these type of loans.
What is it called when a insurance policy is paid up?
"Paid up" is actually the terminology used in the insurance industry when describing a policy that no longer requires any premiums. When a policy is "paid up", there are no further premiums required for the policy to continue on for what should be lifetime. This can only occur with permanent forms of Life insurance such as Whole Life, Universal Life and Variable Universal Life.
What are the benefits of universal life insurance and what are the possible drawbacks of this type of policy?
What are the benefits of universal life insurance, and what are the possible drawbacks of this type of policy
Can you borrow against the paid up dividend additions on a life insurance policy?
yes, as long as the policy is still in force you can borrow agains it
What type of life insurance product has variable premiums and face amount?
Universal Life insurance has variable premiums built into the policy (whether traditional Universal Life or Variable Universal Life). However, many people end up paying less than they need to and the policies don't work out the way they planned. If you do a Universal Life policy, make sure you have a trustworthy agent. As for variable face amounts, some term policies have built in options to enable increasing the face amount of the policy at certain points in time. This may also be an optional rider on some policies, but there is a cost to it. This can be a good idea if budget doesn't allow for the appropriate face amount. Often insurance companies will allow you to reduce the face amount of a policy and get a reduced premium. Permanent insurance (Whole Life and Universal Life) have variable face amounts based on dividends and interest that may add to the face amount over time. Feel free to ask more. Brian Lombardo, CPA, Agent
What insurance policy is exempt from the life insurance policy illustration guidelines?
variable life insurance exceeding 10,000 dollars.
What is variable universal life insurance?
Variable universal life insurance combines the flexibility of a universal life insurance with the investment account features of a variable life insurance.Like variable life insurance, variable universal is considered a security. It can only be sold by agents who have passed the National Association of Securities Dealers (NASD) exam.AnswerVariable life insurance allows you to control your portfolio of investments that is part of the cash value component of a whole life insurance policy. This could include stocks, bonds, or funds. As a result of this freedom, this is the most expensive type of insurance available in the market. Opt for such a policy only if you are completely confident about investing in the markets. While the risks may obviously be higher as there is no guarantee on your savings, the value benefits are also much more than any other insurance policy available.AnswerVariable Universal Life insurance is permanent life insurance that has a cash value feature in it. The cash value is invested in a small selection of portfolios. Since it is invested, there is no guarantee interest and it may lose value. When you pay your premiums, you are paying for three things: The insurance, the cash value, and investment fees. If you know anything about mutual funds, mutual funds have their own annual operating expenses. Since these mutual funds are invested in a life insurance policy, you are paying more than 5% of annual expenses. Therefore, you will get a low rate of return on your cash value.Every year, the cost of the insurance goes up. The insurance part of the policy is annual renewable term. That means more of your premiums is going to the insurance and less toward the cash value. Eventually, you will have to pay higher premiums in the future. If you don't, the policy will eventually lapse as the cash value is depleted.
What acknowledgement letter is required if a 75 year old man would like to purchase a Variable Universal Life Inusrance Policy?
variable life insurance for clients age 75 and over acknowledgement letter
is $241 a month too much for a $200,000 universal life insurance policy?
Is $241 a month too much to pay for a $200,000 universal life insurance policy?
Is it possible to borrow money from your us army life insurance policy?
No because it is not a cash value policy.
