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Dwayne blue was pleasantly surprised to find out that within three to five years after the expiration of a previous life insurance policy, he can reinstate the policy subject to current qualifications.
What is a life insurance policy?
A life insurance policy is a contract between an insurance policy holder and an insurer or assurer in which the insurer agrees to pay an amount of money to a selected beneficiary upon the death of an insured individual. Other occurrences, such as terminal sickness or severe illness, may also trigger payment depending on the contract. Universal life insurance (UL) is classified into three types: indexed universal life insurance (IUL), guaranteed universal life insurance (GUL), and variable universal life insurance (VUL). All of them, like whole life insurance policies, have a monetary value. Your premiums contribute to the cash value as well as the death benefit.
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