6 - LIBG
2019
(4) Keep in mind that you may be able to change your current policy to get benefits <Plan of Insurance> you want.
Dynamic Policies
Cude - What are Benefits
Universal Life is a ratebook and more, all by itself.
If you say you have Universal Life, you in fact have more of a product than you probably have in your current portfolio at the present time. MR. EASON
1983, INDIVIDUAL LIFE INSURANCE, Society of Actuaries
(4) It’s important to compare your current policy with any new policy you might buy.
How do you compare / "Shop for" Policies? Resources? Tools? Illustrations?
Winer: Consumer Reports
SOA: NALU Nelson....Not Well.
(5) You should choose a policy with features that fit your individual needs.
(5) Most term policies don’t build up cash values that <you can use in the future>.
SOA - All Policies have Cash Value
(5) WHOLE LIFE VS. UNIVERSAL LIFE:
Whole life and universal life insurance
are two types of cash value insurance.
A key difference between the two is
how you pay for the coverage. You
typically pay premiums for whole life
insurance according to a set schedule.
In a universal life policy, you can choose
a flexible premium payment pattern as
long as you pay enough to keep your
policy in force.
In short, Petitioner <ACLI> states, the guideline annual premium equals the annual premium necessary to keep the policy ·in force for the life of the insured.
1983 - Federal Register, Vol.48 No. 231. November 30, 54043
(6) BE SURE YOU CAN AFFORD
THE PREMIUM
Before you buy a life insurance policy,
be sure you can pay the premiums.
Can you afford the initial premium? If
the premium increases later, will you
still be able to afford it? The premiums
for many life insurance policies are
sensitive to changes in the company’s
investment earnings, claims costs, and
other expenses. If those are worse than
expected, you may have to pay a much
higher premium. Ask what might be the
highest premium you’d have to pay to
keep your coverage <Plan of Insurance>.
(6) EVALUATE THE FUTURE <Plan of Insurance> OF
YOUR POLICY
Does your policy have a cash value? In
some cash value policies, the values
are low in the early years but build later
on. In other policies the values build
up gradually over the years. Most term
policies have no cash value. Ask your
insurance agent, financial advisor, or an
insurance company representative for
an illustration showing future values and
benefits <Plan of Insurance>.