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Life Insurance Types Explained
The money that is invested in the annuity is guaranteed to earn a fixed rate of return throughout the accumulation phase of the annuity (when money is being put into it). During the annuitization phase (when money is being paid out), the balance invested, minus payouts will continue to grow at this fixed rate.
Indexed Universal Life
An indexed universal life (IUL) allows the owner to allocate cash value amounts to either a fixed account or an equity index account. Policies offer a variety of well-known indexes such as the S&P 500 or the Nasdaq 100. ... IUL policies offer tax-deferred cash accumulation for retirement while maintaining a death benefit.
Living Benefits Life Insurance
Life insurance allows you, the policy owner, to build cash value through your life insurance policy that accumulates over your lifetime. This is considered a living benefit of life insurance because, in contrast to a death benefit that pays out when you pass away, you can use the money while you're still alive.
Mortgage Protection Insurance
Mortgage protection insurance (MPI) is a type of life insurance designed to pay off your mortgage if you were to pass away — and some policies also cover mortgage payments (usually for a limited period of time) if you become disabled.
Retirement Insurance Benefits (abbreviated RIB) or old-age insurance benefits are a form of social insurance payments made by the U.S. Social Security Administration paid based upon the attainment of old age (62 or older).
Term life insurance, also known as pure life insurance, is life insurance that guarantees payment of a stated death benefit during a specified term. Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the policy to terminate.
Whole life insurance, or whole of life assurance, sometimes called "straight life" or "ordinary life," is a life insurance policy that is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date.