Reggie purchased a life insurance policy with a face amount of $500,000. after 15 years, the cash value has accumulated to $100,000 and the policy's face amount has become $600,000. which type of life insurance policy is this

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Yasmine Montoya

Business

25 August, 07:26

Reggie purchased a life insurance policy with a face amount of $500,000. after 15 years, the cash value has accumulated to $100,000 and the policy's face amount has become $600,000. which type of life insurance policy is this

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Talia Kline · Answer 1

Universal Life Policy

This policy allows you to adjust your annual payments based on your capability (although is has a minimum limit requirement) and sometimes allows you to borrow money based on the accumulated value in the policy itself.

Universal Life Policy usually has higher profit rates than whole-life policy.