Life Insurance
Universal Policy Benefits
"What they mean to you!"
When buying life insurance, universal policies have quite a few benefits. So if you’re in the market for universal you should be aware of what it is before you run off to get those universal quotes! You can also get a general idea of Universal here on What is universal life insurance? Okay so moving on now…….. Here are just a few of the benefits below! Check and see if they are something you’d be interested in.
Universal Life Insurance Benefits Summary
With Universal life insurance you have: - Flexibility to skip premiums if needed
- Ability to lower or increase face value of policy to suit your needs
- Cash value you can borrow from (note: takes a few years to build up)
Please Note: That while life insurance universal policies offer these benefits for the taking, as always there are limitations and guidelines to follow. You should ALWAYS consult with a licensed professional agent when making a decision that could impact your policy.
Benefits of Universal life insurance Premium Flexibility
With universal policies you have increased flexibility when you need it most! If you are having financial issues later on down the line and are having problems paying your premiums you’ll be able to use the cash value that has accumulated to make the premium payment (if you have enough cash value). Although a short term solution this could help you out of a real bind when you really need it without the risk of losing your coverage. Also note that you need sufficient cash value to cover this which usually takes a few years to build. You also have the option of increasing or decreasing the amount of premium going into the policy. In other words if you increase your premiums you have the chance to build cash value faster and pay up your insurance or you'll be able to lower your premiums in the future.
Increase or decrease your death benefit
With universal life you also have the option of increasing or decreasing the face value of your policy, also known as the death benefit. This could come in handy if you later find you need more or less coverage. It is flexible to your particular situation.
About the Cash Value
When compared to a term life policy, a life insurance universal policy offers what is called cash value! The cash value (also known as living benefits) accumulates and you have the option to borrow against it or if you cancel your policy you are entitled to the cash value (surrender amount). So what does this mean to you? I’m sure you know the answer to this one..... :) Just in case you don't... you can borrow the cash value and although it doesn't have to be repaid, this amount along with any interest is deducted from the death benefit upon your death.
Life insurance in general has more than its share of advantages. If you’d like, you can get the “big picture” and learn more about them here on Beneficiary life insurance.
Remember to always consult with an agent when choosing a life insurance policy and making decisions that may affect your current policy. Put an agent to work today to help you get a quote.
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