Universal life insurance is a type of permanent life insurance coverage, offering both a death benefit and a cash value component. Your policy will remain effective if you pay your premiums or stay alive. There are three types of coverage: indexed universal life, variable universal life, and guaranteed universal life.
You should remember that this will increase your cash value. If you don't have enough cash, you will need more or your policy may be cancelled.
Universal life can be used to obtain a permanent, life insurance policy or build cash value. Premiums can be adjusted to suit your needs. You can increase or decrease the amount of your premiums within the company's limits. The cash value can also be used to make policy loans and withdrawals.
UL allows for you to increase or decrease your payments as your circumstances change. Even though you may eventually have higher premiums to keep coverage, it can be easier to keep your insurance policy current if your earnings are different.
From the first day, the policy is in effect. UL can provide an income tax-free death benefit to help protect your family's financial well-being. And as long as you keep a positive cash value amount, your coverage can't be canceled.
Universal life insurance offers both a death benefit component and a cash value component. Your policy will still be valid if you continue to live or pay your premiums. There are three types coverage available: Guaranteed universal life, guaranteed universal life and variable universal life.
You can be sure that your premiums, cash-value growth, and death benefit will remain constant in a whole life policy. All of those things are possible with UL. Cash value growth is affected by how much you pay in premiums. Your family will be impacted by the cash value and how you use it. It could cause your policy to expire. Therefore, it is important to keep in touch your financial professional to make sure that your policy meets all your needs.