Learn About Variable-Universal Life Insurance
Variable universal life insurance pays your beneficiary a death benefit. The amount of the benefit is dependant on the success of your investments. If the investments fail, there is a guaranteed minimum death benefit paid to your beneficiary upon your death. Variable universal gives you more control of the cash value account portion of your policy than any other insurance type. A form of whole life insurance, it has elements of both life insurance and a securities contract. Because the policy owner assumes investment risks, variable universal products are regulated as securities under the Federal Securities Laws and must be sold with a prospectus.
Rates and coverage vary from state to state. Shop around on your own and talk to an independent insurance agent to make sure you get a plan that’s right for you. It’s amazing how much rates may vary from company to company for the same coverage.