Why Universal Life Insurance
Universal life insurance is a kind of permanent life insurance that offers security to family members. The insurance policy provides beneficiaries with death benefits and features a cash value to meet the policyholder’s family’s future expenses.
If you want to contrast different universal life insurance premiums, you need to consult a local independent agent specializing in life insurance. The agents are highly knowledgeable as far as life insurance policies are concerned. They will help you evaluate numerous life insurance policies to help you find your best fit.
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Life Insurance Facts: Did You Know?
- The first recorded life insurance policy was offered in the United States. It was issued on May 22, 1761.
- In the past two years, 6 out of 10 American consumers cannot remember having taken life insurance.
- Many Americans purchase life insurance policies to cover future funeral expenses and replace their incomes.
Features of Universal Life Insurance
Universal life insurance policies are more flexible as compared to other types of life insurances. The two main features of comprehensive life insurance are:
- Adjustable death benefits: Universal life insurance is highly flexible, which means that the benefits can be increased or reduced based on the policyholder’s preferences.
- Flexible premiums: With universal life insurance, policyholders can determine the methods to use when paying their premiums.
How to know if Universal Life Insurance is Right for You
If you are wondering whether the universal life insurance policy is right for you, here are some of the ways it can be beneficial to you:
- It can replace your income. If you cannot work and generate some income, universal life insurance can provide your family members financial security.
- Universal life insurance helps cover funeral expenses. You can use this policy to cover funeral costs in case of death and offset outstanding medical bills.
- You can use your universal life insurance to clear existing debts. Do you have personal or business debts that you want to settle? If yes, universal life insurance can help you raise money to pay your debts.
- Use your universal life insurance policy to raise liquidity that can cover federal, state inheritance, or unpaid taxes or rates.
- Universal life insurance is a reliable retirement plan. Taking universal life insurance can help you maximize your pension and cover your expenses after retirement.
- Use your universal life insurance to support charity works. Are you interested in donating to charitable activities? If yes, you can use your comprehensive life cover to offer a generous gift.
- It would be best if you had universal life insurance for business purposes. This is because the policy allows you to use its benefits for the executive bonus incentive.
Choosing the Best Universal Life Insurance
When shopping for universal life insurance, you need to understand the different options available to ensure you pick the best plan for you. The policy plans available under comprehensive life insurance are:
- Basic Universal Life: The policy includes a guaranteed cash surrender value and flexible death benefits. Beneficiaries can access it as a loan or use it as a guarantor.
- Survivorship Universal Life: The policy allows for payment when the insurance policy’s last beneficiary passes on.
- Joint Universal Life: This insurance policy requires that benefits be released once the first insured person dies.
- Variable Universal Life: The insurance policy allows you to use the cash value portion accrued like an investment tool for different investment options.
- Index Universal Life: With this policy, you can invest your cash value in equity indexes like the Dow Jones.
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Different Premiums under Universal Life Insurance
Universal life insurance offers flexible premiums. The available premium options for comprehensive life insurance are:
- i. Single-Premium: A single premium requires a one-off lump sum payment that caters for the entire universal life insurance. As such, you will not need to make monthly or yearly contributions to be covered.
- ii. Fixed Premium: This is a type of premium where you will be required to pay a specified amount of rebates periodically.
- iii. Flexible-Premium: The flexible premiums allow for payment of different amounts within specific limits.
How You Can Use Your Cash Value
Are you wondering what you can do with your cash value? If yes, here are the two of the several ways you can utilize your insurance policy’s cash value:
- You can withdraw your cash value. If you have universal life insurance, you can choose to remove your cash value and use it.
- Use your cash value as a guarantee to borrow money. You can also choose to borrow money using your insurance policy cash value as security. When doing this, always note that the loan amount is repayable and could attract interest.
Contact Us to Learn More about Universal Life Insurance
Would you like to take up a universal life insurance policy today? If yes, consider getting in touch with us for more information. Our comprehensive life insurance policies offer you a reliable way of providing your family with financial security even in death. Different insurance policies provide personalized cover based on your business needs. If you want to find the best insurance cover, you need to engage an independent insurance agent’s services. The agent will help you compare the different universal life insurance covers available in the market before guiding you into choosing the most suitable and affordable plan for you. Feel free to contact us anytime and make inquiries about our services whenever you need them.