What is Universal Life Insurance?

 

Universal life insurance is a form of flexible permanent life coverage imparting the low-cost safety of term life insurance in addition to a savings detail (like entire life insurance), which is invested to offer a cash value buildup. The death benefit, financial savings factor and premiums can be reviewed and changed as a policyholder’s circumstances change. unlike whole life insurance whole life insurance, universal life insurance allows the policyholder to use the interest from his accumulated savings to assist pay premiums over time.

 

This policy is also termed “adjustable life insurance,” because it offers more flexibility compared to whole life insurance. You have the liberty to reduce or increase your death benefit and also to pay your premiums at any time and in any amount (subject to certain limits) after your first premium payment has been made.

 

Universal life insurance benefits

 

Universal life insurance – Gives consumers flexibility in the premium payments, death benefits and the savings element of their policy.

 

Universal life insurance provides all the benefits of traditional life insurance, plus:

 

Potential to grow cash value over time at a set rate

 

Flexibility to set the amount of your monthly premium

 

Flexibility to set the amount of your death benefit while the policy is in force (subject to underwriting approval)

 

Tax-deferred earnings

 

typical Uses for Universal Life Insurance

 

Provides for a family’s loss of income, mortgage costs, and educational needs

 

Access to cash value for life’s opportunities

 

Estate, special needs, and business planning

 

Get permanent insurance

 

Step 1: Find an advisor

 

An advisor can help you determine the right life insurance for your needs. Talk to your advisor to help answer your questions

 

There is no cost to talk to an advisor.