Question

Which products are guaranteed and non guaranteed?

Answer 1

A guaranteed policy is one in which the insurer assumes all the risk and contractually guarantees the death benefit in exchange for a set premium payment. If investments underperform or expenses go up, the insurer has to absorb the loss. With a non-guaranteed policy the owner, in exchange for a lower premium and possibly better return, is assuming much of the investment risk as well as giving the insurer the right to increase policy fees. If things don’t work out as planned, the policy owner has to absorb the cost and pay a higher premium.

Answer 2

Guaranteed universal life insurance is not whole life insurance and does not build a cash value.

It is more similar to term life insurance, with your term being defined by age rather than years.

Non-guaranteed universal life insurance is a type of permanent life insurance, meaning you are buying coverage for life.

A non-guaranteed policy carries a death benefit like any other life insurance policy but with an investment component attached to it.