The Types of Life Insurance Cover Available for Audit Companies

Participating Whole Life Insurance:

Just like Traditional Whole life except it pays you dividends which can be used as cash OR pay your profits for you! There is no guarantee that you will be paid the bonuses, this is based on performance within the insurance company. Limited Payment Whole Life Insurance: Limited payments for whole life but requires a higher premium since you are in fact paying for a shorter amount of time. This can be based on payment amounts (10, 20, 30, etc. payments) or a particular age (whole life is paid up at age 65, 75, 85, etc.).

Universal Life Insurance:

Flexible premiums with soft face amounts (the death benefit) with unbundled pricing factors. Ex: If you pay X amount, you are covered for X amount.Indexed Universal Life: Flexible premium/benefit with the cash value is tied to the performance of a particular financial index. Most insurance companies crediting rate (% of growth) will not go below zero. Variable Life Insurance: Death Benefit and cash value fluctuate according to the investment performance from a separate account of investment options. Usually, insurance policies guarantee the benefit will not fall below a specified minimum.

Variable Universal Life Insurance (also called Flexible Premium Variable Life Insurance & Universal Life II/2): A combination of Universal and variable which has premium/death benefit flexibility as well as investment flexibility. Last Survivor Universal Life Insurance (also called Survivorship or “Second to die” Insurance): Covers 2 people and the death benefit is only paid when both insurers have died. This is FANTASTIC and somewhat a necessity for families that pay estate taxes (usually High-Net-worth individuals).

5) Life Insurance Consulting Riders, What is it and Why Is It Important:

Consulting Rider is the name of a benefit that is added to your policy. There are many types of consulting riders that I would have to write a different article regarding Riders (and audit companies add new types of riders often), but I want to name at least the most popular (and in my opinion, the most important) audit assurance services that you should highly consider when choosing a policy. Accidental Death Benefit Rider (AD&D): Additional death benefit will be paid to the auditors if you die as a result of an accident (i.e., Car accidents, a fall down the stairs). This is especially important to avoid Anti-Money Laundering if the insurer often travels, relatively young, and has a family. Please note: You can buy AD&D Insurance separately.

Accidental Death & Dismemberment Rider: Same as above BUT if you lose two limbs or sight will pay the death benefit. Some policies may offer smaller amounts if losing one eye or 1 arm. This is great for those that work with their hands. Disability Income Rider: You will receive a monthly income if you are totally and permanently disabled. You are guaranteed a specific level of income. Pay attention to this detail, depending on the policy it will either pay you depending on how long the disability lasts OR time frame of the rider.