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Universal life insurance might be the right choice for you if you're in the market for a life insurance policy with lifelong coverage. Universal life insurance can offer a guaranteed death benefit, allows you to tap into the policy's cash value, and may give you the flexibility to adjust your premium payments and death benefits.


You can only borrow against cash. If you pay off the entire amount within your policy's lifetime, the loan amount won't be taxable. If the loan amount (including interest) exceeds cash value, your policy may end.

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Don't forget to keep in mind that you can lose your cash value. You will have to make up any difference or your policy could be cancelled.

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is guaranteed universal life insurance worth it

is guaranteed universal life insurance worth it


Universal life allows you to build cash value and a permanent insurance policy. You can adjust the premiums to increase or decrease payments, provided that you do not exceed certain insurance company limits. Because the cash value allows you to withdraw and take out policy loans, providing coverage for people with variable incomes can be an option.

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A UL policy is more complicated than a term or whole-life coverage. The policy must be managed. You need to decide how much to pay for your premiums. Variable UL also requires you to make investment decisions. These variables, together with rising insurance costs, can have an effect on and even affect your cash value. Your value balance is also important. If it drops below zero, your premiums can go up, and the policy may be cancelled.

these are all accurate statements regarding universal life insurance except

these are all accurate statements regarding universal life insurance except


If you are still alive and your policy is active, your beneficiaries will only get the death benefit. Insurance companies keep any additional funds. The beneficiaries receive either a single payment that is tax-free or monthly or annually. Annuities are another option that some insurers offer. These are contracts in which the insurer agrees not to pay the beneficiary any one-time fees or monthly payments, but instead they will pay the beneficiary for a predetermined amount.

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When considering universal life insurance, think about how much risk you are willing and able to take. Don't believe anyone when they promise you huge investment gains. You should carefully examine the guarantee portions of the policy illustration.

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