Veralytic Logo

Veralytic Glossary of Terms

Welcome A B C D E F G H I J K L M N O P Q R S T U V W XYZ

— U —

Uninsurable:  A risk class designation for policy buyers whose health profiles render them unsuitable for individual life insurance.  The policy buyer could be eligible for joint life insurance with a second insurable policy buyer.  (Also see Risk Class and Health Profile.)

Universal life:  A form of permanent insurance designed to provide flexibility in premium payments and death benefit protection.  The policyholder can pay maximum premiums and maintain a very high cash value.  Alternatively, the policyholder can make minimal payments in an amount just large enough to cover mortality and other expense charges.