This leads to widespread use of life insurance as a tax-efficient method of saving as well as protection in the event of early death. Claims may be filed by insureds directly with the insurer or through brokers or agents. Claims and loss handling is the materialized utility of insurance; it is the actual "product" paid for. The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ACORD. In many countries, such as the United States and the UK, the tax law provides that the interest on this cash value is not taxable under certain circumstances.
You can’t convert to other types of policies, like term, variable life, or universal life insurance. Estimate your future financial needs with our interactive calculators. Information and tools to help you prepare for retirement Get answers – and exclusive research, too. Contact an agent about Life Insurance. Watch our educational videos on a variety of financial topics. Explore solutions to common concerns such as required minimum distributions (RMDs). Get insights from our proprietary studies. Whether it keeps paying the mortgage, maintains a current standard of living, pays off debts or pays for college, the life insurance you choose can be there when it’s needed most by your loved ones. Decide which coverage is right for you before getting a life insurance quote. Note: The conversion policy must be a permanent policy, such as a whole life policy. RightRight Get answers to your retirement questions Whether you're looking for the affordability of term insurance, the lifelong prot