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Fifty years ago, most life insurance policies sold were guaranteed and offered by mutual fund agents. Choices were limited to term, endowment or whole life protection. It was simple, you paid a high, set premium and the insurance company guaranteed the death benefit. All of that changed in the nineteen-eighties. Interest rates soared, and policy owners surrendered their coverage devote the cash value in higher interest paying non-insurance products or services. To compete, insurers began offering interest-sensitive non-guaranteed policies.
Guaranteed versus Non-Guaranteed Policies
Today, companies have access to a broad range of guaranteed and non-guaranteed life insurance policies. A guaranteed policy is among the in which the insurer assumes all the risk and contractually guarantees the death benefit in exchange for a set premium payment. If investments underperform or expenses go up, the insurer to be able to absorb the loss. With a non-guaranteed policy the owner, so they could earn a lower premium and possibly better return, is assuming much of it risk as well as giving the insurer the to be able to increase policy extra charges. If things don’t work out as planned, the policy owner has soak up the cost and pay a higher premium.
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