What happens when you surrender a whole life policy?

Surrendering a whole life insurance policy means you are cancelling the policy. Instead of your beneficiaries receiving the death benefit, you as the policyholder will receive the cash value your whole life insurance policy has built up over time.

Which policy pays a benefit if the insured goes blind?

Accidental Death and Dismemberment Insurance
Accidental Death and Dismemberment Insurance. Also known as AD&D, this type of insurance pays out if the insured dies, becomes blind or is dismembered (loses a limb) in a covered accident.

What are the three types of whole life policies?

Whole life or permanent insurance pays a death benefit whenever you die—even if you live to 100! There are three major types of whole life or permanent life insurance—traditional whole life, universal life, and variable universal life, and there are variations within each type.

How does a whole life insurance policy work?

Each time that you pay your premium, a small amount is set aside, which builds up over time as the life insurance policy’s cash value. The longer you hold the policy, the more cash value the policy builds. If a need arises, and if premiums are paid, you can borrow against the available cash value providing you with financial protection.

What’s the difference between Universal and whole life insurance?

With a traditional whole life insurance policy, you’ll pay a fixed premium for the entire length of your policy, meaning your required premium payments will never go up. But if you need more flexibility, a universal life insurance policy allows you to adjust your monthly premium payments while continuing to accumulate cash value.

How long does Guardian whole life insurance cover?

What is a whole life insurance policy? A Guardian whole life insurance policy covers you for your entire life, rather than a limited term as with term life insurance ⁠ (which typically covers you for a period of 10, 20, or 30 years­⁠⁠).

What are the options for Universal Life Insurance?

Universal Life Insurance. When it comes to the death benefit, you have two options: a fixed amount of death benefit or an increasing death benefit equal to the face value of your policy, plus your cash value amount. You also have the opportunity to change the amount and frequency of premium payments.