Life insurance {whole life insurance} {straight life insurance} can keep premiums constant at high level and insurance amount constant. Policy cash value builds as payments accrue. Cash value is total extra money paid to insurance company, plus interest. Cash value can be security for loans, income at retirement, or trade-in for another life insurance type. Premium owed is statistically expected cost of insurance coverage over statistically expected lifetime, divided by number of payment years. In first years, payments are more than true cost of protection at that time, while later they are less.
Practical Affairs>Financial Affairs>Insurance>Life
7-Financial Affairs-Insurance-Life
Outline of Knowledge Database Home Page
Description of Outline of Knowledge Database
Date Modified: 2022.0224