#universal life insurance
Learn about Universal Life Insurance, and obtain a free quote
Read our article below to learn more about how Universal Life insurance can benefit you. If you are ready to move on to requesting a quote, our experienced agents can assist you with obtaining more information.
What is Universal Life Insurance?
Universal life insurance is a form of permanent insurance. This type of insurance provides the security of a guaranteed death benefit. However unlike Whole Life Insurance. Universal Life accumulates a return on a portion of the paid premiums. After you pass, the benefit is paid to your beneficiaries tax-free.
One of the many benefits of Universal Life is its flexibility. Universal life offers a flexible payment policy which allows policy holders to customize their premiums and death benefits year-to-year. However, even with the option to adjust premiums and your coverage needs, Universal Life is often sold as a level-premium, life-long alternative to Term Life Insurance .
The downside to policies like Universal Life Insurance is the premiums are generally higher than premiums for a term life policy. This can be cost prohibitive to families looking for affordable life insurance options. This policy also comes with the risk of lapsing, if the premiums go unpaid or if the cash value of the account is no longer sufficient to cover the cost of the policy.
Due to issues with the policy potentially lapsing, a secondary guarantee can be added to a Universal Life Insurance policy. This type of policy will offer a “no-lapse guarantee” so the policy will remain in-force for the guaranteed period as long as the minimum premium payments are made.
Obtaining a Universal Life Insurance Quote
Guaranteed Universal Life Insurance policies are a convenient and reliable form of Final Expense Insurance, which typically have low face value and are purchased to cover the cost of burial and other final expenses.
Universal Life Insurance has many uses, and can help provide coverage for a variety of situations such as: