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7. Understanding universal Hfe insurance Unlversal life insurance combines elenents from term life insurance and whole life insurance. Term polfies provide a death benefit imings compenent, whole life policier provide a death becefit savings component, and unlversal policles provide a death benefs savings componeot. To understand how universal premiums are allocated, consider the following example. Giberto is a 41 -vear-did lawyer who has taken eut a universal Me insurance pellcy to protect his two children (oges 12 and 9 ) In the efvent of death. Each yeac, Giberto chboses how muct wovid like to contribute to the policy, ss shown by the first row of the table below, The insurance cempany unbracts frem this an admintarative fee along with the cost of the death benefic (the portion of the polioy) then puts the remainder iote the chah value cor ) portion of the polick. This moner earns interest at a rate of return. Dased an the given information, calesiate the smourt that is added to the cash value portion of the policy in esch of the firnt three years. The cost of the desth beneft portion of universal policies is ealy fuxed for cectain perieds and rises with age, as is the case with ufe insurace poicies: Suppose that in the 1oth vear of his policy, his cont of desth benefit has riaen substantially, At the same time, he is raying to ha ve maje ropers done on his horse and currendly cannot afford to pay his life inuurance premium. The cost of the death benefit portion of universal policies is only foced for certain periods and nses with age, as is the case with ife mojor reairs done on his home and currently cannot afford to pay his life insurance premium. Truin or false: Under the terms of a standard universal poscy, if Giberto stops payng his premiums, then the administrative fee and cost of doath benefit will be deducted from the savings portion of his policy (assuming sufficient cash value accuimulationi) and the policy will remain actlve. True Palse