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Principles of Risk Management and Insurance, 13th Edition by Michael McNamara, George E. Rejda

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Variations of Whole Life Insurance

To remain competitive and to overcome the criticisms of traditional cash-value policies, insurers have developed a wide variety of whole life products that combine insurance protection with an investment component. Important variations of whole life insurance include the following:10

  • Variable life insurance

  • Universal life insurance

  • Indexed universal life insurance

  • Variable universal life insurance

  • Current assumption whole life insurance

Variable Life Insurance

Variable life insurance can be defined as a fixed-­premium policy in which the death benefit and cash values vary according to the investment experience of a separate account, which is similar to a mutual fund maintained by the insurer. The death benefit ...

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