UNIVERSAL LIFE
INSURANCE
PERMANENT COVERAGE.
FLEXIBLE PREMIUMS.
Universal life insurance can offer an excellent tool to secure your own and your family’s financial future. For instance, many people have trouble making decisions about life insurance because nobody can precisely predict what they will need or have to spend decades in the future.
Understanding UNIVERSAL LIFE INSURANCE
Universal life insurance combines flexibility, permanent life insurance, and savings. These qualities make this kind of life insurance an attractive tool for planning for an uncertain future. At the same time, the versatility of universal life insurance means that many people find it more challenging to understand than whole or term life.
On the positive side, you can benefit from the resources and experienced advisors here at The Insurance Hub. Our licensed professional will match you with the insurance companies and policies that best suit your unique goals and financial situation.
How Does Universal Life Insurance Compare to Term or Whole Life?
The most distinctive feature of universal life insurance includes its flexibility. For instance, people must pay a fixed premium for typical term or whole life insurance policies. The death benefit also remains fixed. In contrast, universal life offers more flexibility.
Very often, people can pay less for universal than for whole life insurance but more than for term life insurance. Both universal life and whole life insurance offer permanent, lifetime coverage and a cash account. Term life only stays in force for the term of the contract. The cash account for both types of permanent policies can also earn returns based on the contract and the account’s value.
How Does Universal Life Insurance Work?
Universal life insurance policies offer flexible premiums, which can impact the growth of the cash account and the death benefit. For example:
Is Universal Life Insurance the Best Type of Life Insurance for You?
The best life insurance policy choice depends on your unique financial situation, goals, and preferences. Features of universal life make this kind of life insurance a satisfying choice for people who want a permanent death benefit, asset growth, and best of all, long-term flexibility. In particular, the option to adjust premiums can help families manage their budgets in case their income, goals, or needs change.
For instance, younger people at the height of their careers may want to pay higher premiums to maintain the death benefit and build a cash account. Their budgets could still fluctuate because of promotions, unemployment, or the birth of a child, so they always have the option to pay a different amount. During retirement, they may outgrow the need for an enormous death benefit and prefer to pay lower premiums. Indeed, few people ever outgrow the need for the extra financial security that the cash account and its earnings can provide.
Many clients feel satisfied with their choice to buy universal life insurance. At the same time, some people find whole life or term life insurance more predictable and understandable options that better suit their needs.
Contact The Insurance Hub to discuss your vision for the future. Our experienced, licensed life insurance agents will explain options and help you shop for affordable policies that work well for your lifestyle, budget, and financial plans.
