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Fifty years ago, most life insurance policy sold were guaranteed and offered by mutual fund companies. Choices were limited to term, endowment or life insurance coverage policies. Ended up being simple, you paid a high, set premium as well as the insurance company guaranteed the death good. All of that changed in the 1980s. Interest rates soared, and policy owners surrendered their coverage to invest the cash value in higher interest paying non-insurance products. To compete, insurers began offering interest-sensitive non-guaranteed policies.
Guaranteed versus Non-Guaranteed Policies
Today, companies offer a simple range of guaranteed and non-guaranteed life insurance policies. A guaranteed policy one in which the insurer assumes all the risk and contractually guarantees the death benefit in exchange for a set premium money. If investments underperform or expenses go up, the insurer in order to absorb the loss. With a non-guaranteed policy the owner, in return for a lower premium maybe better return, is assuming much for this investment risk as well as giving the insurer the in order to increase policy fees. If things don’t work out as planned, the policy owner has to absorb series is not cheap and pay a higher premium.
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