What is the differencce between whole life and universal?

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PostPosted: Tue Sep 29, 2009 8:56 pm   Post subject: What is the differencce between whole life and universal?  

What is the difference between whole life and universal?

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vshallow
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PostPosted: Wed Sep 30, 2009 1:15 am   Post subject:   

Do you understand annually renewable term insurance? You need to understand this in order to be able to understand universal life.

InsuranceExpert
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PostPosted: Wed Sep 30, 2009 5:20 am   Post subject:   

Universal life policies are more flexible when compared with the whole life policies. They allow the policy holder to transfer money from the insurance to savings elements of the policy and vice versa.

steven
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steven

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PostPosted: Mon Oct 05, 2009 9:07 pm   Post subject:   

All due respect InsExpert, but you don't need to understand either policy to know the key differences between the two. It would sure be great extra credit but...



Whole life has a fixed death benefit, a fixed premium and a fixed rate of internal accumulation.



Universal life has an adjustable death benefit, an adjustable premium and an adjustable internal rate of return (with a fixed minimum unless it's variable).



Now had he asked for an explaination of both I'd want to know if he/she understood ART.

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PostPosted: Wed Oct 07, 2009 1:58 am   Post subject:   

One can't understand UL without understanding the increasing cost of insurance which means that they have to understand ART.


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