life cycle policy

by Guest » Sat Oct 01, 2011 12:04 pm
Guest

Please explain what is a life cycle policy?

Total Comments: 3

Posted: Fri Oct 07, 2011 08:39 am Post Subject:

I've heard that adjustable life insurance (a type of whole life insurance) is sometimes referred to as life cycle insurance. A whole life insurance policy stays in affect for the policyholder's entire life. In case of an adjustable whole life insurance, the policyholder can request to make changes in the terms and conditions of the policy for better coverage.

Posted: Wed Oct 12, 2011 12:00 pm Post Subject:

the policyholder can request to make changes in the terms and conditions of the policy for better coverage.


Not really. Adjustable life insurance means the policyowner may adjust the death benefit up (with proof of insurability) or down (sometimes with a surrender charge) according to the terms of the contract.

Changing the "terms and conditions of the policy" is strictly under the control of the insurance company, and they do not easily bend to policyowner demands.

Posted: Wed Oct 12, 2011 10:39 pm Post Subject:

You can adjust a death benefit up on a policy, you just need to put more premium into it, and choose the increasing death benefit option. :wink:

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