Question

1. Compare term life to universal life and to variable life insurance in terms of (a) death benefits

2. Compare term life to universal life and to variable life insurance in terms of cash value

3. Compare term life to universal life and to variable life insurance in terms of premium.

4. Compare term life to universal life and to variable life insurance in terms of policy loans.

Answer 1

The comparison on the basis of Death benefits among the following insurance:

1. Term life insurance: This insurance lasts for a number of years before it expires. If an individual dies before the term is up, a specific amount of money, the death benefit, is paid to the beneficiary. the death benefit can be paid as a lump sum, a monthly payment, or an annuity.

2. Variable life insurance: This insurance ha the cash value. This policy helps cover funeral and end-of-life expenses but as an investment option, these policies provide tax-free money to beneficiaries during the time that the person is alive. Once that person dies, that money is retained by the insurance company.

3. Universal life insurance: This insurance ha the cash value in which the premiums go toward both the cash value and the death benefit. One can change death benefit amounts without getting a new policy. one can also adjust the death benefit within limits outlined in the policy.