Life Chart : Adjustable Life vs Universal Life vs Variable Life

Adjustable Life (Cash value)

Cash value : 1. Fixed rate of return (level), 2.General account

Universal Life (Cash value)

Cash value : 1. Guaranteed at minimal, 2. General account

Variable Life (Cash value)

Cash value : 1. Not guaranteed, 2. Separate account (policy profolio)

Variable Life (Face amount)

Face amount : 1. Can increase and decrease, 2. Guaranteed minimum.

Adjustable Life and Universal Life (Face amount)

Face amount : Flexible set by policyowner with proof of insurability

Adjustable Life (Key features)

Key features: 1. Can be Term or Whole Life; 2. Can convert from one to another

Universal Life (Key features)

Key features: 1. Permanent Insurance with Annual renewable term protection component. 2. Interest sensitive

Variable Life (Key features)

Key features: 1. Permanent insurance (whole). 2. Investment based

Adjustable Life, Universal Life and Variable Life

Policy loans : Can borrow cash value

Variable life (Premium)

Premium : 1. Fixed ( If Whole Life...level), 2. Flexible (If Universal life)

Adjustable Life (Premium)

Premium : Can be increased or decreased by the owner

Universal Life (Premium)

Premium: 1. Flexible 2. Minimum (keeps in force 1yr) or Target (keeps it in force)