What is Universal Life Insurance?
Universal Life Insurance is a unique combination of term life insurance and whole life insurance. It combines the ability to save at the same time provide life insurance protection. The flexibility of this type of policy, over time gives you the option to determine the frequency of premium payments provided there is adequate cash reserves to keep the policy funded over the life of the policy. By providing the protection of term life insurance and the cash value of whole life insurance, universal life insurance appeals to customers who prefer flexible premiums and death benefits.
Universal Life Insurance Strategies
A universal life insurance policy allows you to build wealth and provide insurance coverage. One of the major advantages of universal life is an option to not pay life insurance premiums forever while still being insured into your retirement years. As you get older and have more financial obligations, a universal policy may not be the best option. A whole life policy, which is safer, may provide additional and safer advantages.
How Much Does It Cost?
The amount of your life insurance premiums, as well as the frequency with which you pay, is flexible. Provided there is sufficient cash value, your policy will not lapse due to skipped premium payments. Although universal life insurance has annual premium requirements, the timing of those payments is quite flexible.
To determine the right amount of life insurance, just complete the quote form for a quick and simple no obligation quote.
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Benefits of Universal Life Insurance:
- Flexibility over whole life and term since you can adjust the your insurance payment premiums.
- Any growth in your policy’s cash benefit is tax-deferred.