MTHEL131 Lecture Notes - Life Insurance, Whole Life Insurance, York Region Transit
11 Oct 2013
School
Department
Course
Professor
Document Summary
You"re allowed to borrow against the policy. Up to 90% of what you"ve paid they don"t say no, unlike banks interest is lower if you don"t pay the loan back, the company will just deduct it from your death benefits. Permanent insurance policies (designed to be enforced for life). Limited pay whole life insurance coverage continues for life. Premiums are condensed over shorter period of time (more expensive: term- 100 (t-100) No csv no cash builds up you get sh back if you cancel. Don"t miss a premium!! (or policy will be lapsed) No non-forfeiture options because no csv lowest price option: universal life (u-life) You can pay however much you want, whenever you want. A certain amount is required to be there daily. Depends on amount of coverage, age of the insured. You can change the amount of coverage you want at any time. You can choose what to invest in.
