Universal Life
Universal life insurance we can also call Flexible premium and Adjustable life, is a variation of whole life insurance. Universal life insurance is a combination of an account like a savings account and an insurance plan.
Advantages
* Flexible
* Stable
* Grantee
* Mortality charges.
* Interest credits.
It is a permanent policy providing cash value benefits based on current interest rates.
The feature that distinguishes this policy from its whole life cousin is that the premiums, cash values and level amount of protection can each be adjusted up or down during the contract term as the insured’s needs change. Cash values earn an interest rate that is set periodically by the insurance company and is generally guaranteed not to drop below a certain level.
Insurers base your life insurance premium on several factors:
• Age
• Health problems
• Occupation
• Hobbies
• Habits
• Interest the company expects to earn from investing your premiums
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