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Universal Life Insurance Policies work by giving death benefits when one dies. Unlike other life insurance policies, universal life insurance policies generate interest over time.

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Q: How does a Universal Life Insurance Policy work?
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What type of insurance replaces income if you a long illness or injury and cannot work?

You would need a whole life or an universal life policy with an income rider, and possibly a long term care insurance policy which would fall under a health insurance policy.

What is a professional occupation for a life insurance policy?

A life insurance policy is not a person and does not work therefor it does not have a professional occupation.

What type of life insurance product has variable premiums and face amount?

Universal Life insurance has variable premiums built into the policy (whether traditional Universal Life or Variable Universal Life). However, many people end up paying less than they need to and the policies don't work out the way they planned. If you do a Universal Life policy, make sure you have a trustworthy agent. As for variable face amounts, some term policies have built in options to enable increasing the face amount of the policy at certain points in time. This may also be an optional rider on some policies, but there is a cost to it. This can be a good idea if budget doesn't allow for the appropriate face amount. Often insurance companies will allow you to reduce the face amount of a policy and get a reduced premium. Permanent insurance (Whole Life and Universal Life) have variable face amounts based on dividends and interest that may add to the face amount over time. Feel free to ask more. Brian Lombardo, CPA, Agent

What happens if the beneficiary of a life insurance policy is not the spouse- does the spouse need to sign a spousal consent?

Are you referring to a group policy offered through work or an individually owned life insurance policy? For individual life insurance policies, the owner of the policy has complete control and can name anyone they like as the beneficiary, and the owner does not need spousal permission to do this.

How is eligible to be on limited pay life insurance?

Limited payment life insurance, sometimes referred to simply as limited pay life insurance, is really a way of having the best of all worlds with a whole life policy. You pay a premium for a predetermined number of years and you have your policy for the rest of your life. Here is how the limited payment life insurance policies work.

What happens to life insurance if a company lays you off and you work at the company for thirteen years?

If the life insurance is part of a group life insurance policy, you will lose the benefits when employment stops. That's why it is recommended to get your personal life insurance policy, which you can take with you when you change jobs or in case of unemployment. It is never too late to get a new policy on your own. Talk to an experienced independent agent that can offer multiple options.

What is a real life?

Real Life Cover is a type of insurance policy. It offers multiple types of cover under the one policy. Life insurance, income (in case of lost work from illness), critical illness (like a heart attack), and unemployment.

What is a real life cover?

Real Life Cover is a type of insurance policy. It offers multiple types of cover under the one policy. Life insurance, income (in case of lost work from illness), critical illness (like a heart attack), and unemployment.

How does a life insurance trust work?

A life insurance trust is used to remove the assets and death benefit of the life insurance policy out of the insured's estate for estate tax purposes. If the insured were to remain the owner of the policy, the policy procedes would be estate taxable at the time of death. This is a non-issue if your assets are less the the allowable estate tax limits.

Can you take out a loan on employer paid life insurance policy?

No, you don't pay for it. An interesting thought, but it won't work.

How do life insurance settlements work?

Life settlements involve the sale of an in-force life insurance contract, by the contract owner, to a third party. Generally, the seller of the policy receives the policy's cash value, plus an additional amount determined by an appraisal-termed the "current market value." In consideration of the monies paid to the policy owner, the third party is: named the policy owner and beneficiary, continues to pay all premiums as they come due, and will receive the policy proceeds upon the death of the person insured under the policy. All types of life insurance, term, universal or whole life, can have market value much like real estate or equities. And, given the right circumstances, a life settlement can make a lot more sense than allowing an in-force life contract to lapse.

What happened to national savings life insurance co?

National Savings Life Insurance Company of Murfreesboro, TN was acquired by Victory Life Insurance which in turn was acquired by United Fidelity Life Insurance Company, Kansas City, MO. Over the years, blocks of NSL policies have been sold to various carriers so if you have an old NSL policy, it might take some detective work to find which company is now servicing your policy.