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Custom Whole Life Insurance provides the benefits of the whole-life concept, but allows paid-up policyholders the option to withdraw or borrow lump sums from cash values or draw an income stream for supplemental retirement income if the owner no longer needs the full death benefit. Because the P policies were whole life insurance policies, A was allowed to borrow up to the amount of a policy's cash value during the insured employee's life. The percentage of expenses to premiums for whole life insurance usually varies between 10 percent to 40 percent. |
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