Variable Life Insurance
Variable life insurance is a type of permanent life insurance that provides lifelong coverage with an added savings account that you can use to invest in stocks, bonds and mutual funds. Variable life insurance has a variable benefit that is based on the investment earnings of your savings account.
A variable life insurance policy remains in effect until it matures, unless you cancel your policy or you fail to pay the premiums. Therefore, unlike term insurance, the insurance company will eventually have to pay out the benefit.
Cash Value and Investment Choice
A variable life insurance policy has a cash account. To the extent that premiums paid exceed the cost of insurance and other policy charges (if any), a cash value accumulates. With other types of life insurance with a cash value, your cash value earns the rate of interest specified by your insurance company. But with a variable life policy, you can decide how to invest your cash value, rather than simply earning the rate of interest paid by your insurance company. Policyholders are offered a choice of securities or investment funds in which to invest. Depending on your appetite for investment risk, you could accumulate cash value more quickly than other types of life insurance. Any investment earnings are tax deferred. The policyholder may also:
- Surrender the policy prior to maturity for the cash value less applicable surrender charges, if any.
- Make a withdrawal from the cash value. Withdrawals from the cash value decrease the death benefits.
- Borrow against the policy (i.e. use the policy as security), often at relatively low interest rates.
Variable Life Insurance Quotes
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