Don’t assume everything you own is adequately Insured by a standard homeowner’s policy. The typical homeowner’s policy provides only limited coverage for many expensive items. Extra coverage can be purchased separately.
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Retirement Income Policy
An adaptation of an endowment at a selected retirement age in which the annuity benefit is a percentage of the face amount of Life Insurance in force prior to retirement age, usually 10%; e.g., for each $1000 of insurance a $10 per month annuity installment is payable. Under this type of policy, the cash value will exceed the face amount in the later policy years, and if death occurs before the selected retirement age, the death benefit would be the face amount or the cash value, whichever is greater.