Posted by At insurGuru Insurance Academy’s "What is life insurance"In a lecture, we mentioned that whole life life insurance is a flexible financial tool in American society. It is widely used in life insurance planning to supplementTax-free retirement income planning.Wealth accumulation and inheritanceAnd other comprehensive wealth planning.
Different types of "lifetime" life insurance types are suitable for different life states and planning scenarios, but in general, we have a lot of choices.When looking for insurance products that can best meet our needs,As policyholders, it is best for us to know in advance which types of common whole-life life insurances are mainly.This is what this article mainly introduces.
1. Index insurance(Indexed Universal Insurance, IUL)
this kindlife insuranceThe main feature is that it binds our "cash value" appreciation ability with the performance of the stock index market.
After holding this type of policy account, according to the product performance of different companies, we will get aMaximum capped rate of return(English name Cap), and a minimum protection rate of return (English name Floor).
The lowest underpin protection rate of return ensures that the cash value of our insurance policy will not be impacted by the violent market turbulence.The growth rate of the cash value of the policy account fluctuates between these two values.
2. Survivorship Universal Life (SUL)
The characteristic of this type of insurance policy is that it uses one policy to insure two people at the same time, and it is specifically used between family membersPurpose of estate planning.
Therefore, unlike a conventional insurance policy that only insures one person, the insurance company will only make compensation after the death of both insured persons.
3. Universal Life Insurance (UL)
This is a more flexible type of life insurance policy for lifetime protection.
When our living conditions and environment change, we can adjust the premiums and claims value of this type of insurance policy more flexibly.
The cost of this type of insurance policy has a lot to do with the interest rate environment.
4. Investment Link Universal Life Insurance (Variable Universal Life, VUL)
VUL insuranceThe characteristic of this type of life insurance is that the cash value part of the policy account can directly participate in the market and withstand fluctuations in value.
The accumulation of cash value in the insurance policy depends on the actual market performance of the selected investment products. Therefore, this type of insurance may either gain profits or face losses.
5. Savings dividend insurance (Whole Life, WL)
This type of insurance is also commonly referred to in the industry as "ordinary life "As long as the insured pays the premiums on time as agreed, the insurance policy provides guaranteed death compensation and guaranteed cash value.
summary
Not all insurance companies issue these five different types of life insurance.Generally speaking, most comprehensive insurance companies tend to only provide two to three product lines.More detailed insurance introduction,You can visit the insurance coverage column.
An insurance company with relatively strong financial strength and asset management capabilities, focusing on the life insurance field, Usually it will issue a full range of insurance products for professionalInsurance Advisor BrokerAnd the policyholder's choice.
In addition, different insurance companies have developed some hybrid policy products based on these types of policies and combined with their own business areas. However, in general, the product performance is inseparable.
Through the brief introduction of this article, we hope that policyholders have a basic understanding of the types of whole-lifeInsurance Advisor BrokerIn the process of cooperatively designing the wealth plan, the advantages of each product can be correctly brought into play, so as to achieve and meet our financial needs more efficiently.
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