Under Universal Life insurance, the level death benefit option provides the greater of (1) the face amount of the policy at the time of death, or (2) a stipulated percentage of the accumulation value.
This entry was posted in . Bookmark the permalink.
An annuity that commences payment to the annuitant at the end of the first prescribed payment period. If an insured buys an immediate annuity with monthly payments, he will start receiving benefits at the end of the first month after the purchase.