Reggie purchased a life insurance policy with a face amount of $500,000. after 15 years, the cash value has accumulated to $100,

Question

Igoryamba

3 years ago

11

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

Business

1 answer:

Nadusha1986 [10] · Answer 1 · 2022-04-29T01:58:04+03:00

<span>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.
</span><span>Universal Life Policy usually has higher profit rates than whole-life policy.</span>