UNIVERSAL LIFE insurance is a variation of Whole of Life Insurance. It offers flexibility in the amount of coverage, rate of savings accumulation and the payments of premiums. You can decrease or stop premium payments temporarily as long as there is a cash value to cover the premiums as they become due. Once you resume paying premiums, you can increase those payments to build back your cash value. This plan type is availabe only at two insurance companies in Barbados. They both have a similar plan structure.
ENDOWMENT insurance provides a benefit to you if you live to a specified age or will pay your beneficiaries a benefit if you die before the policy matures. Cash values accumulate at a higher rate than with Whole of Life insurance; however, the premiums are higher as well. These plans may go by diffrent names but the plan structures are basically the same.
BURIAL PLAN: here again this type of plan is offered in one form or the other by some of the insurance companies. Usually the benefit amount is to cover the cost of final expenses and may also offer a cost of living increase of approximately 3% per year to a maximum of $15,000. These benefits vary from company to company. Medical requirements are minimal to non-existent. Here again, these plans may go by diffrent names but the plan structures are basically the same.
This guide provides only basic information. You can get more facts from the insurance professionals at Field Insurance Brokers Inc.