Universal Life Insurance

486 Words1 Page
bulb-icon

Recommended: Superflashcards types of life insurance policies

Life Insurance
There are various types of life insurance ranging from universal, variable and universal variable categories.

Whole Life Insurance

This kind of insurance plan offers a permanent protection for those who take it. It is maintained by companies offering life insurance. One of the main advantages of having this type of insurance is that the value of the insured increases as time goes by.

There are many things that a person should consider before deciding to take up whole life insurance. Some of the basic facts include:

Policy holders can decide to get out of the policy before they die.
All policies and money are handled by the insurance company
Benefits are given to a beneficiary who will be chosen by the policy holder while …show more content…

It can be changed within the account and offers a permanent protection to its premium holders.

Basic facts to remember when selecting a variable life insurance

Should death occur, the beneficiary chosen by the policy holder will receive the benefits
Benefits paid in case of death depend on the insurance plan's cash worth.
The holder of the policy is able to borrow the cash from the insurance plan in their lifetime.
Universal Life Insurance

This kind of insurance is the more flexible than the kinds of life insurance available. The holder of this policy is able to mange their policy as they wish.

Basic facts to remember when selecting a universal life insurance

Should death occur, the beneficiary will receive the benefits
Premiums can be changed
The holder of the policy has the right to borrow as well as withdraw from the value of the policy
The face amount of the plan can be changed
.

Universal Variable Life Insurance

This kind of insurance is the most flexible of the kinds of life insurance available. The policy holder of this kind of insurance has the nearly all the control over their insurance plan as well as the maintenance of the cash worth over the duration of the

Show More
Related

  • Universal Healthcare: The Superior and Necessary Choice

    1968 Words  | 4 Pages

    Universal health care refers to any system of health care managed by the government. The health care system may cover different programs including government run hospitals and health organizations and programs targeted at providing health care. Many developed countries such as Canada and United Kingdom have embraced universal health care with the United States being the only exception. The present U.S health care system has often been considered inefficient in terms of cost control as millions of Americans remain uncovered. This has made it the subject of a heated debate characterized by people who argue that the country requires a kind of socialized system that will permit increased government participation. Others have tended to support privatized health care, or a combined model of private and universal health care that will permit private companies to offer health care for a specific fee. Universal healthcare has numerous advantages that remain hidden from society. First, the federal government can apply economies of scale in managing health facilities which would reduce health care expenses. Second, all unnecessary expenses would be eliminated by requiring all states to bring together all the insurance companies into a single entity whose mandate would be to provide health insurance to all people. Lastly, increased government participation will guarantee quality care, improve access to medical services and address critical problems relating to market failure.

    Read More

  • Life Insurance Types

    584 Words  | 2 Pages

    There are three types of life insurance that most insurance companies offer, which are, universal, whole, and term. Universal life insurance is a permanent policy consisting of two parts, which are term insurance and an investment/cash value feature-which is interest bearing. The premiums for the plan allow the policyholder to pay a minimum rate when necessary or to pay the maximum and provide funds to the cash value of the policy. The more that’s paid into it, the bigger the investment/return. With the cash value of the plan, fees are deducted for the costs of the plan and the policyholder receives payment from the interest of the remaining balance. Universal offers clients a definite minimum interest rate on the cash value. Some insurance companies offer a tiered interest rate that pays policyholders a fixed percentage up to a certain amount, then a higher interest rate on balances above that threshold.

    Read More

  • The Pros And Cons Of Universal Health Care

    1215 Words  | 3 Pages

    Universal health coverage allows citizens of a particular country access to health care of all kinds, should they so need it, without exposing the user to financial hardship from medical expenses. The World Health Organization has created three objectives for universal health coverage: (1) equity in access to health services – those who need the services should get them, not just those who can pay for them; (2) that the quality of health services is good enough to improve the health of those receiving services; and (3) there is financial risk protection to ensure that the cost of using care does not put people at risk of financial hardship (WHO, 2013). While virtually every developed country besides the United States has some form of universal

    Read More

  • Argumentative Essay On Obama Care

    1224 Words  | 3 Pages

    In recent years, the number of Americans who are uninsured has reached over 45 million citizens, with millions more who only have the very basic of insurance, effectively under insured. With the growing budget cuts to medicaid and the decreasing amount of employers cutting back on their health insurance options, more and more americans are put into positions with poor health care or no access to it at all. At the heart of the issue stems two roots, one concerning the morality of universal health care and the other concerning the economic effects. Many believe that health care reform at a national level is impossible or impractical, and so for too long now our citizens have stood by as our flawed health-care system has transformed into an unfixable mess. The good that universal healthcare would bring to our nation far outweighs the bad, however, so, sooner rather than later, it is important for us to strive towards a society where all people have access to healthcare.

    Read More

  • Analysis Of Universal Health Care

    1558 Words  | 4 Pages

    The campaign for some form of universal health care has spanned nearly a century in the USA and has been the subject of political debate since the early part of the 20th century. Recent reforms remain an active and urgent political issue. Universal Health Care has been one of the leading public issues in America and in recent times this issue has risen to the fore, because of its increasing prevalence in the government, market, and civil sectors. In this essay, I will be looking at why this issue can and does affect everyone, no matter which sectors we look at. I will be taking an in-depth look at the many reasons why this public issue is worth caring about and why it is such a hotly contested subject in today’s politics, jobs, and even our

    Read More

  • The Universal Healthcare System

    698 Words  | 2 Pages

    One of the most commonly debated topics in recent American history has been that of health care. Would Americans be able to reap more benefits if individuals continue to be independent in their pursuits of health care, or would it be beneficial for all if the government introduced more regulations regarding health care, changing our system to resemble those of other developed countries? As more solutions are offered, it becomes harder for people to reach a consensus on the best way to approach this issue. Despite this, America must decide what system of healthcare will benefit the most citizens and improve the quality of life the most. It is becoming increasingly apparent that a universal healthcare system would be the most effective and

    Read More

  • Universal Health Insurance In Canada

    925 Words  | 2 Pages

    In the book, Parting at the Crossroads: “The Development of Health Insurance in Canada and the United States” by Antonia Maioni compares which country has the best health care system more importantly health insurance. Although these countries are neighbors, they have developed different forms of health insurance. For instance, universal health care system in Canada, while a dual-tiered system of Medicare and Medicaid in the United States of America. In this paper, I will present an argument about comparing and contrasting the historical methodology of the upbringing of the health insurance services in both Canada and the United States of America. It will further discuss the author’s perspective of identity of both diaspora and the divergences

    Read More

  • Universal Health Care

    629 Words  | 2 Pages

    The Universal Declaration of Human Rights states that “everyone has the right to a standard of living adequate for the health and the well-being of oneself and one family, including…medical care” (Should All Americans Have the Right to Health Care). It’s the government’s duty to protect the life of all of its citizens; Universal health care is a step that needs to be taken to protect these lives. Some people argue that providing access to health care will be ineffective and drive up the cost. The government should provide access to universal health care because it protects health, it will lower the cost, and it eliminates discrimination from the health care system.

    Read More

  • Universal Health Care

    2048 Words  | 5 Pages

    There are many things wrong with the current healthcare system in America. When thinking of taking on a universal healthcare plan, there are many things one must consider. Who would be eligible for it? How would it affect those who already have insurance, and how would it financially affect the economy? It is quite obvious that people below poverty level have access to public health programs, such as Medicaid. What needs to be taken into consideration is that people who are poor, barely "above" "poverty”, “middleclass" "and" those who do not have health insurance are highly "affected" (Rashford 7). Many people suffer on various levels due to inadequate access to appropriate healthcare. The "number" of people who are "uninsured" in America is not decreasing; in fact, it is growing continually (Rashford 5). “According to the U.S. Census Bureau (2004), between 2000 and 2003, the number of Americans without health insurance rose from 1.4 million to an astonishing 45 million” (Rashford 5). It is my assumption that many Americans health is declining with the risk of dying early due to lack of insurance or no coverage at all. I believe a well budgeted universal healthcare plan is necessary to solve this critical issue.

    Read More

  • The Universal Health Care System

    727 Words  | 2 Pages

    One of the benefits of universal health care is that it can offer continuity of insurance coverage for citizens . Without such a system, it is not common for citizens lose their insurance coverage if they lose their jobs or quit. With the system of universal health care, insurance coverage will always be there regardless of whether they work. the individual can continue this type of coverage and eliminate the need for insurance companies concern about pre - existing conditions or other similar restrictions .

    Read More

  • The Definition of Universal Healthcare

    1056 Words  | 3 Pages

    Universal Healthcare by definition means healthcare for all. That would also mean that an insured persons rates would not be increased to cover the uninsured. Universal Healthcare is moral and just obligation. By promoting the health of our citizens we then promote our infrastructure as well.

    Read More

  • Benefits Of Universal Health Care

    890 Words  | 2 Pages

    Resolution: The US should implement universal health care. The US should not implement universal health care for a variety of reasons. Health care should be an option to citizens, and it is not a right. Universal health care in the US will hurt the population and their future posterior.

    Read More

  • Universal Health Coverage

    1321 Words  | 3 Pages

    Universal Health Coverage “Universal health coverage is an ambitious goal, but it is one that can create a healthier and more equitable world for all people. It means a child reaches adulthood, and adults lead healthier lives regardless of who they are and where they live ” (Adhanom, n.d.) . Enacting universal health coverage in the United States would be a great start to creating a healthier and more equitable world, and would provide continuous health coverage, lower employer cost and permit adults and children to practice preventative healthcare regardless of who they are and where they live. While all states currently offer health coverage, for children and some adults, through the federal Medicaid program, citizens must meet specific

    Read More

  • Universal Health Care System

    573 Words  | 2 Pages

    Medical care is one of the most debated topics in the United States today. About 50 million people in the United States are completely uninsured or are not completely covered. These people are at risk. The United States needs to adopt a universal health system because health care is a right that all Americans deserve. 45 million Americans lacked insurance in 2005.

    Read More

  • Long Term Care Insurance

    832 Words  | 2 Pages

    Today, world’s population is aging at a very fast pace and United States is no exception to this demographic change. According to the U.S Census Bureau, senior citizens will be accounted for 21% of the American population in 2050 (Older Americans, 2012). Although living longer lives may not seem like a negative sign, living longer does not necessarily mean living healthier. Older adults of today are in need of long-term and health care services more than any generation before them (Older Americans, 2012). Because of the growing need for senior care, millions of families are facing critical decisions on how to provide care for their parents. In addition, declining birthrates may cause people to have less familial care and support as they age. To be able to provide the necessary care for senior citizens government funded long term care insurance program is needed.

    Read More

More about Universal Life Insurance

Open Document