What Is A Unit Of Life Insurance?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaVideo Transcript: What is a unit of life insurance? Generally, most people will buy their insurance, they'll say, "I need $ 1/2 million or $100,000." Sometimes, you'll look at children or spousal attachments. Instead of doing a term writers, some people buy their extra insurance for children and spouses based on unit. Those units could be as small as $2000, $5000, $10,000 in units, and they buy them in price tags. They've already homogenized and made a standardized price tag for each one of these units. Those units then are attached to the policy and become part of the contract. In case something happens, those units would pay out according to the death benefit amount.Answered on November 11, 2013flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.A unit of life insurance is $1,000 of life insurance protection. Therefore, if your life insurance costs $1 per unit, a $100,000 policy would cost $100 per year in premium. If you bought a $10,000 child rider, you would be buying 10 units of life insurance coverage for your children.Answered on November 18, 2013flag this answer
Did you find these answers helpful?
Yes
No
Go!
Add Your Answer To This Question
You must be logged in to add your answer.
