Variable
Universal Life
This type of insurance
is similar to universal life. It is a flexible
premium, permanent life insurance policy that
allows you to have premium dollars allocated to
a variety of investment options, including a fixed
account. The policy generally provides income
tax-free death benefit, has a cash value that
grows tax-deferred, and is accessible through
policy loans and/or withdrawals. Note that loans
and withdrawals will reduce the death benefit
by the outstanding loan amount plus any interest.
The policy allows
for increase or decrease of the policy coverage
and premium changes to the life insurance benefit
option. Some companies also give you the option
to guarantee the death benefit with the Guaranteed
Minimum Death Benefit Rider. Overall, variable
universal life can be a good option for people
who want to combine life insurance with a higher
potential for investment return at a higher risk,
of course. For more complete information, be sure
to always request the appropriate product and
fund prospectuses as they contain information
you need to consider such as the investment objectives,
risks, and charges and expenses of the investment.
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