What would help prevent universal life policy from lapsing?
Make premium payments automatic.\n\n Setting up automatic monthly drafts from a bank account can help prevent an unintended policy lapse. Be sure to discuss with policyholders the best day of the month for premium payments to come out of their account.
How does a universal life insurance policy lapse?
Simply put, a lapse occurs when premium payments on a life insurance policy are missed and, depending on the type of insurance, the cash value is exhausted. Lapse is shorthand for a lapse in coverage, which means the policy will no longer pay a death benefit for the insured person.
What is no-lapse guarantee universal life?
Definition of No-Lapse Guarantee: The guarantee that a flexible premium universal life insurance policy or a flexible premium variable life insurance policy will remain in force as long as a designated premium is paid and regardless of the magnitude of the accumulated account value.
What is protection universal life?
1. What is universal life insurance? Universal life insurance offers lifetime guaranteed coverage (when required premiums are maintained) and the potential to grow cash value to help with long-term financial goals. These policies typically offer flexible death benefits and premium payments.
Which of the following would help prevent a universal life policy from lapsing? a) Adjustable premium b)Corridor of insurance c) Target premium d)Face amount The target premium is a recommended amount that should be paid on a policy in order to cover the cost of insurance protection and to keep the policy in force throughout its lifetime.
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- which of the following would help prevent a universal life policy from lapsing quizlet