universal vs whole life insurance

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If your policy remains active after your death, your beneficiaries only get the death benefits. The insurance company keeps any excess funds. Beneficiaries receive either one tax-free payment or monthly and/or annual installments. Annuities are an option for some insurers. This is where the insurer agrees with the beneficiary to pay a onetime fee or periodic payments over a set period.


There are many different types universal life insurance policies. Make sure you understand the details. They come with different features and cost.

is variable universal life insurance worth it


Specific universal life insurance policies also include a cash value component. The cash value can be withdrawn or borrowed. The death benefit payout to beneficiaries will be reduced by the amount of any outstanding loans or leaves. However, the cash value is more important for some buyers than a payout to beneficiaries.

is variable universal life insurance worth it
which is better universal or whole life insurance

which is better universal or whole life insurance


There are many types of universal insurance policies. Understanding what you're purchasing is crucial. There are many differences in their features and costs.

flexible universal life


Some universal life policies also have a cash value component. You can withdraw or borrow money from your cash value. Your insurance company will reduce your death benefit payout by the amount owed or left. However, some buyers find that accessing cash is more important than a complete payout to beneficiaries.

universal guaranty life insurance company

universal guaranty life insurance company


Considering a universal life insurance policy, consider how much risk you're willing to take. Don't be sold on promises of significant investment gains that might not come true. Be sure to examine the guaranteed portions of the policy illustration, not just the rosy projections.

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Universal life insurance (UL) is one of the two main types of permanent life insurance (the other is whole life insurance). Like real life, a universal policy can provide lifetime protection while building cash value with tax advantages. UL also allows you to raise or lower premiums within certain limits so that it can cost less than full coverage. But it also offers fewer guarantees than whole life because if you make minimal premium payments for too long, it can impact cash value growth and the size of your death benefit.

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