Do You need Universal Life Insurance?

Universal Life Insurance is like a Permanent Life Insurance and aim of Universal Life Insurances towards seniors. The main feature you find in Universal Life Insurance is that you can vary your policy premium payments which are not applicable in other policies. Moreover, the death benefits face amount is also flexible and you can vary (increase or decrease) the face amount according to your current financial opportunities. If the cash value is enough that you cover your policy then you may skip payments.

As you are familiar that if interest growth of your premium payments are not enough to cover
charges then your insurance account will decrease. Unless you choose to either increase your premiums it could lead to your death benefit. To get rid of this some Universal Life Insurance comes but with no-lapse guarantee, and which ensures that policy remains stays as you long as you pay the fixed premium.

On the other hand if you overpay the premium of policy that is above than sum necessary then
the over cost of the policy will be funded into your savings account, which building up the cash
value. When your premium payments pass the cost of the policy then interest can be earned on your saving accounts.

Some of the major advantages of Universal Life Insurance are termed as follows:

• Tax-favorable investment vehicle
• Unlike Whole life Insurance, with Universal Life Insurance all the financial operations are transparently disclosed to the policyholder: the premiums, the cash value, the death benefit, interest credits, loans and different expenses.
• Very flexible, including the ability to delay or miss payments.

Type 1 policies – the cash amount is added to the face value and is paid out as the death benefit.

Type 2 Policies – in type 2 policies your beneficiary will receive the face value of the policy and the best part of the cash account. Premiums for Type B policies are usually
higher as they offer greater flexibility and serve as a profitable investment tool.

Universal Life Insurance is beneficial for you if you are ready to commit for long time means if you are planning for your retirement. This type of policy is not for people who are looking for short time coverage.

For more details and information on Universal Life Insurance please visit to our website or call on tollfree no.1.800.283.5467

Do You need Universal Life Insurance?

Benecaid, Universal Life Insurance