One of our physician clients recently asked us to take a look at an insurance policy insuring the life of his father. After 20 years of level premiums, the premium had recently increased and there was confusion about the future viability of the coverage and the ongoing premium commitment. As it turns out, the policy was not a 20 year term policy, but it was a universal life policy with a 20 year guaranteed premium and death benefit. Even 20 years ago, life insurance was available in many different designs and these variations can be confusing.
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