Universal Life Insurance
The most basic feature of a life insurance policy is the death benefit: the lump sum payment your beneficiaries would receive if you passed away. It’s life insurance – but not the only one. Some types of life insurance offer riders or other features that can play an important role in the financial strategy.
Universal Life Insurance offers lifelong protection, and can accumulate cash value on a tax-deferred basis, similar to assets in most retirement and college savings plans. This cash account can be used for a variety of purposes, from helping during a financial struggle, to providing funds to take advantage of an opportunity, or to supplementing your retirement income. The loan is not dependent on credit checks or other restrictions like loans from most financial institutions.
Universal life offers the flexibility of varying the amount of your premium payments. It also offers the certainty of a guaranteed minimum death benefit as long as your premiums are sufficient to sustain it. If you do not maintain those minimum premiums, your death benefit can be reduced. The downside? Initial premiums can be considerably higher than what you would pay for a comparable term-life.
To learn more about Universal Life Insurance please contact us today for additional information or to request a quote.
Please visit our other pages to learn more:
Term Life Insurance
No Medical Exam Life Insurance
Long-Term Care Insurance