Nolapse Variable Universal Life Insurance

Definition of "No-lapse variable universal life insurance"

Craig & Brenda  Wilson
  Fathom Realty

Policy of variable universal life insurance (VUL) under which, if the accumulation of the premiums paid at any point in time (minus policy loans, and withdrawals) equals or exceeds the minimum premiums due at that point in time, the policy is prevented from lapsing. This lapse prevention is guaranteed regardless of the underlying portfolio return or policy changes. Usually this feature is the same per option A (level death benefit) or option B (increasing death benefit) under VUL.

Search Real Estate Glossary

Related Real Estate Glossary terms

Related Real Estate FAQ