What is universal life insurance?
There is a variety of choices when it come to life insurance plans. Term and whole are the two main types of life insurance. Whole life insurance would be permanent coverage for your entire life. Term life insurance is fixed for a certain number of years, say 15 or 30. Both of these policies, once you build up the cash value, you may borrow against. Sometimes they even let you take some cash out of your policy.
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Universal Life Insurance is a type of whole life insurance (lasts until the death of the policy holder, unlike term insurance with coverage is available only for a specified number of years. The difference from conventional whole life is insurance is that the universal life insurance policy is based on cash value and gives flexibility to the policy holder to change future premiums and coverage to suit their current needs.
If you’re thinking of benefits of universal life insurance that allows you to change the monthly amount you pay on your insurance and the amount of life insurance you have during your policy, universal life insurance may be exactly what you want. With universal life insurance, your premium payments build interest, and thus accumulate value. At any point during your policy, if you decide you want more or less coverage because you want to pay more or less for your premium, you have control over that! The added hassle-free control of one’s life insurance policy has pleased many consumers. As with any life insurance policy, universal life insurance helps ensure that your family is provided for financially in the event of your sudden and untimely death.
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- what is the monthly premium on universal life insurance?
