Limited payment life insurance, sometimes referred to simply as limited pay life insurance, is really a way of having the best of all worlds with a whole life policy. You pay a premium for a predetermined number of years and you have your policy for the rest of your life. Here is how the limited payment life insurance policies work.
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The Face Amount
This policy has a death benefit that is guaranteed to stay level for as long as you own it even if you choose to keep it until age 100. The face amount is usually paid out income tax free to the beneficiary of your choice. It can be paid in one lump sum or in the form of a monthly income. If you choose to have payment made in income form you have many options to choose from.
The limited payment life insurance policy is a
whole life based policy
and therefore has cash values which accumulates at a guaranteed
minimal rate of interest. If you should be in need of cash you may take
a loan from your policy which usually is limited to about 80% of the
If you are unable to come up with the premiums the automatic premium loan provision will kick in and use a portion of your cash value to keep the policy in force...
Your limited payment life insurance policy also accrues dividends. Dividends, however, are not guaranteed and depend on the performance of the life insurance company.
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What is term life insurance? You have an interest in buying term insurance, that is why you are reading this article, and you want to know how it really works.
The raging fires of the debate as to whether term life insurance is superior to permanent life insurance have cooled somewhat even though some so called experts hold fast to their beliefs.
Researching term life insurance online should be a comfortable experience. You want to take your time and absorb all the available information.
Term insurance no medical, no physical, no health questions, no doctors exam seem to be the order of the day for many people.