term1 Definition1term2 Definition2term3 Definition3
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Adjustable Life
Key Features: Can be Term or Whole life. Can convert
Premium: increased/decreased by policy owners
Face Amount: flexible, set by policy Owner with POI
Cash Value: fixed rate of return
Policy loans: can borrow
Universal Life
Key Features: Permanent insurance with renewable term protection
Premium: flexible, min or target
Face Amount: flexible set by owner with POI
Cash Value: Guaranteed at a minimum level
Policy Loans: can borrow
Variable Life
Key Features: Permanent insurance
Premium: fixed if whole life, flexible is universal
Face Amount: can increase or decrease to a stated min.
Cash Value: not guaranteed
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