We've considered life assurance where premiums are used to buy units within a fund which are then 'cashed in' to provide life cover.
The remaining units are allocated to the whole-of-life policy, building up value over time depending on stock market performance.
And we've looked at the flexible whole-of-life policy, whereby extra options, such as the ability to name a second life assured or to choose the level of cover required, are available.
These options come at a price, of course, realised by 'cashing in' further units.
The option of cashing in units to pay for other benefits is taken a whole step further with universal whole-of-life assurance.
The range of benefits can include permanent health insurance, critical illness cover, accidental death benefit, total and permanent disability cover, hospital/medical cover and flexible premiums.
And if finances become a bit on the tight side, maybe because of the loss of a job, for example, there is also the option of missing a premium payment or two, until the situation improves!
But, of course, the more options the more the cost, met by cashing in yet more units.
