![]() Premiums for whole life policies are fixed and guaranteed. While universal life policies generally have lower projected premiums than whole life policies, the annual cost of insurance (COI) is not fixed and goes up over time.Ī type of permanent life insurance that includes a savings component that accrues cash value. The premiums may remain level or increase annually.Ī type of permanent life insurance that includes a savings component that accrues cash value. ![]() ![]() When a policy lapses, it no longer will pay a death benefit to beneficiaries.Ī type of temporary life insurance that provides coverage for a pre-defined period of time (the policy term). A policy is considered in-force when the premium has been paid and it is in good standing.Ī policy is considered lapsed when premium payments are missed for a period of time, including after notices have been sent to the policyowner and the period to make back payments has passed. ![]()
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