what is universal Life Insurance

What Is Universal Life Insurance?

Universal life insurance, also known as UL, offers policy owners considerable flexibility as to the amount and timing of premiums, and the face amount of coverage, which can be increased or decreased. Like any other life insurance policy, UL has it advantages and disadvantages.

If You Die While the Policy Remains Contestable

What Is Insurable Interest?

Insurable interest means that the person who is purchasing the policy has more to lose than to gain by the insured’s death and therefore may purchase a life insurance contract on somebody else’s life. This is intended to prevent a person purchasing a policy unknowingly on another person for purposes of wagering, planned murder, or any other reason.

5 Items to Consider Before Buying a Guaranteed No-Lapse Universal Life (GUL) Insurance Policy

What Is a Conditional Receipt or Temporary Life Insurance?

A conditional receipt binds your life insurance coverage effective on the date of your application (the exact conditions vary a bit from company to company), provided that you are eligible for the coverage applied for. If applicable, you will receipt after your application has been taken and you have paid the initial premium payment.

private placement life insurance

What Is Private Placement Life Insurance?

Private Placement Life Insurance Products (PPIP) are non-registered Variable Universal Life (VUL) policies and Variable Annuity (VA) contracts that are offered exclusively to high net worth individuals. They have been referred to as a “hedge fund in a life insurance wrapper.”

Strangers Profiting From Your Death Benefit

What Is Stranger-Owned Life Insurance?

Stranger-owned life insurance (STOLI) is exactly as it sounds – life insurance originated by a stranger. Typically, they are initiated by a third party looking to own and control a policy from the beginning. When reviewing a STOLI transaction, there are certain issues to keep in mind.