I recently found this amazing forum and have as a result become a very disgruntled Ameriprise client. My wife and I purchased whole life policies through Ameriprise about 5 years ago and since we couldn't afford the death benefit amount that we needed, our advisor supplemented the rest with a flexible-premium adjustable life insurance policy which she said acts just like a term life insurance policy. It seems to be just like a term policy since there is a fixed premium over 30 years but I'm not sure since it states on the first page of the policy that the "flexible-premium adjustable life insurance policy is commonly called universal life insurance."
My question: What's the difference between a flexible-premium adjustable life insurance policy and a term life insurance policy?
My question: What's the difference between a flexible-premium adjustable life insurance policy and a term life insurance policy?