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Life Insurance Tip
With a universal life policy the policy will “lapse” (meaning your death benefit will vanish) if the premiums and cash value aren’t enough to cover what’s known as the COI, or Cost Of Insurance. For that reason, it’s vital to make sure you’re getting a guaranteed UL. With a guaranteed policy, also called a no-lapse policy, it’s written into your contract that if you make certain premium payments that the policy will be guaranteed not to lapse until a certain age. Generally, that age is 121, meaning you’d have to be very old indeed to outlive your policy.
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