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Variable Life Insurance

Variable Life is an interest-sensitive form of insurance. It's purpose is to combine the protection features of life insurance with the investment potential of common stocks. The key to this sort of policy is that the death benefit is completely variable. The insured has the option of choosing between several different investment mediums: stock funds, bond funds, real estate funds, or any combination. These contracts do provide a minimum guaranteed death benefit. The actual death benefit could be higher depending upon the performance of the investment vehicle chosen. Because it does rely upon the market’s growth, the cash value also fluctuates. There is absolutely no guarantee to the amount of the cash value. Unlike universal life, the premiums paid are fixed. There are policy provisions that allow loans to be made from the cash value.


Ownership and Beneficiaries

It is strongly advised that when purchasing life insurance an attorney and or a Certified Public Accountant is consulted. There are several crucial decisions that need to be made with respect to the policy details. Although the policy may be financial protection for your life, the owner of the policy doesn't need to be you. In many cases it is beneficial for your spouse, a trust, an estate or a business/corporation to own the policy. The general rule that applies is that the owner and beneficiary need to have an "insurable interest". Simply put, that person or corporation needs to have a financial interest in your living.


Dividends

Some life insurance companies pay dividends to policyholders after they have owned a policy for a specific period of time. Policies with participating stock insurance companies and mutual insurance companies sometimes pay dividends if the company is profitable and declares a dividend. Dividends are in no way and under no circumstances guaranteed and are only one factor in determining the potential value of a policy. The Internal Revenue Service has considered dividends on life insurance policies to be a return of excess premium and therefore not a taxable event (Consult your tax Advisor).


Premium Payment

Know what your grace period is and make certain that the insurance company receives your premium on time. Coverage can be canceled if premiums are not paid on time. It is possible reinstate coverage if this occurs, but if you need it badly you will most likely be denied.

Ask for all options of paying your premium (monthly, Electronic Funds Transfer, quarterly, semi, annual, and annual) in order that you may evaluate your options carefully. Discounts are generally given for EFT and annual modes of premium payment.


Typical Exclusions

Read your policy carefully. Among typical exclusions are suicide, death while in the commission of a felony and death that occurs as a result of an act of war, but a few exceptions exist.

 

 

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