3.1.1 Ordinary Life Insurance
Ordinary life insurance is the most common type and is the most marketed product by insurance agents in Florida. Ordinary insurance includes several variations of temporary (term) and permanent insurance plans, including whole life, endowment, universal life, variable universal life, and other interest-sensitive cash value plans.
Ordinary insurance in the permanent life category accumulates cash value (equity). Premium payments can be set up for monthly, quarterly, semi-annual or annual payment plans.
The shorter the payout period, the larger each payment amount - The shorter increments between payments, the higher the out-of-pocket costs.
