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No Exam Whole Life insurance |
No Exam Universal Life |
and... No Exam Term Life Insurance |
Cash Value |
Yes |
Yes |
No |
Long term coverage |
Yes - can go to age 120 |
Yes - can go to age 120 |
Yes - can go to age 95 but rates go up after guarantee period! |
Price guaranteed |
most policies, to age 120 |
most policies, to age 120 |
Limited to term selected by applicant - 15, 20 or 30 years |
Priced |
much higher |
higher |
much lower |
can I get all my premiums back at the end of the term |
Most plans - depends on cash value accumulation. |
sometimes - depends on cash value accumulation. May get from zero to many times more than paid in premiums |
yes, if rider selected at application |
Is it flexible? |
Some changes may be made throughout the life of the policy but generally, No Exam Whole Life is not flexible |
Very flexible. Most plans allow for face amount changes at any time and premium payment changes (up or down) and skipping. |
This plan is the least flexible. It will not allow for face amount changes. Missing one premium payment may results in the cancellation of the policy |
Best for: |
Long term needs |
Long term needs and cash value build up |
Short term needs or if you have a long term need but cannot yet afford a No Exam Whole Life type plan |
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