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sSQL = sSQL & "Articles.Article_Content, Articles.Article_Posted, Articles.Article_Comments, "
sSQL = sSQL & "Articles.Article_Images, Categories.Category_ID, Categories.Category_Title, Users.User_ID, "
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sSQL = sSQL & "INNER JOIN FB_Articles AS Articles ON Categories.Category_ID = Articles.Article_Category_ID) "
sSQL = sSQL & "ON Users.User_ID = Articles.Article_User_ID WHERE Article_Status = 1 AND Article_Level = 0 "
sSQL = sSQL & "ORDER BY Article_Posted DESC;"
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Family income
Instead of having a lump sum payment under a life policy, it is possible to have a policy which pays out a regular income to the family instead. The idea being that the policy replaces the income that the bread winner would otherwise have produced for the family.
The life policy is actually written to pay the life sum insured in regular instalments (monthly or yearly). Writing the policy this way can have tax advantages.
The instalment payments are usually for a pre-selected period and may only run up to the natural expiry of the term period. If the payments end when the term policy period ends, then effectively the sum insured reduces as the policy nears its expiry date. This then makes the policy a lower risk and hence a lower premium can be charged.
Increasing family income life insurance cover
Some life insurance companies offer increasing family income life policies where the benefits increase by a pre-determined rate/amount during the period of the term.
The income benefit might increase by 5% (or some other percentage) each year whether simple or compound. In some cases the increases will stop with a claim, or in other cases the increases can continue to apply to the claim payments. The ideal is an indexed linked policy with the increases continuing into the claim period.
Unit linked term life insurance
These are term life policies to the extent that the policy will only pay if the life insured dies during the policy period. The difference with these polices is that the sum insured is linked to ‘units’.
Each month the premium buys units and each month enough units are cashed to pay that months life risk being the difference between the death sum insured and the value of the units held in the policy’s account. If the units perform exactly at the growth rate assumed the sum insured can be maintained for the term of the policy. There will be regular reviews to see how the units and policy are performing.
If the units over perform then the policy will have a balance cash value at the end of its term which the policy holder can take. If the units under perform then the premium will either have to increase to purchase more units or the sum insured reduced.
Many of these polices now include index options and conversion options.
Some of these unit link polices are sold with the aim to provide an amount of money back benefit at the end of the policy. These are really small endowment policies where the death benefit part of the policy is high and the endowment part of the policy is low but sufficient to provide a money back feature. The money back feature is often only paid if the policy holder does not die during the term period. Almost a ‘no claim bonus’. These polices are often sold into the direct market with their attraction being that the policy holder will at least get some return even if the life insured does not die during the policy period.
Whilst the maturity value of such polices is not guaranteed they may have a surrender value based on the value of the units remaining at the time of surrender.
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Investment Life Insurance Policies