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What is Universal Life Insurance?
Universal life is type of permanent insurance coverage that is more flexible than regular whole life. As with other permanent life insurance products, many universal life policies have a cash value component.This type of policy accrues cash value, and if kept current, it pays out at the end of the policy. The insurance component pays a pre-determined amount when the insured dies, while the investment component accrues cash value that the policyholder can access or borrow against.
Universal life provides the following unique controls compared to other life policies:
1. The premium payments are flexible. To keep your life insurance policy in force, you need to make your premium payments to cover the cost of the insurance. Regular whole life charges a flat premium rate that you aren't able to adjust. However, within the limits of your contract, universal life will let you adjust how much premium you pay and how often you pay it. You can also use the cash value in your policy to cover your premiums.
2. The length of the policy can be adjustable. When you first buy some types of universal life insurance, you are able to decide how long you want to guarantee that the policy will remain in force. You can choose a set period of years, all the way up to your entire lifetime. A longer guarantee period will usually make the cost of your insurance higher. A shorter guarantee period usually means the cost of your insurance will start out lower and won't rise until the guaranteed period is over.
Selecting the right form of life insurance for you and your family starts with expert consultation. Our insurance consultants will review your individual needs, explain the options, and build a policy designed specifically for you. Plus, our relationships with the top carriers means you will get the best coverage at an excellent price. We look forward to serving you!