How It Works
It can easy to figure out how much life insurance payout you need, but it’s also tough to calculate future finances. What if 10 or 30 years from now your financial status changes? Unlike permanent life insurance, universal life insurance offers adjustable premiums whether you’re able to pay higher premiums when you have extra cash on hand or lower premiums if money is tight.
- ● Coverage lasts a lifetime
- ● Available for ages 18-85
- ● May build cash value
- ● Can pay virtually in any amount
May Be Right For You
Universal life insurance is a type of permanent life insurance but much more flexible. After your initial payment, universal allows you to pay premiums at any time, in virtually any amount, subject to certain minimums and maximums. You also can reduce or increase the death benefit more easily than under a traditional permanent life policy.
When you pay major expenses off such as a mortgage, loan, or children’s college, you easily have the option to lower your premium for extra cash and decrease your payout benefit. You are still guaranteed the payout as long as your policy is active.
Cash Value—Can I Get It?
Most universal policies will provide a guaranteed rate of return on your cash values, with one important exception. It is possible that you will not accumulate any cash value if any, or at all, if the following circumstances occur: administrative expenses increased, mortality assumptions are changed, the insurance company’s investment portfolio underperforms, premium payments are insufficient.
Get A Quote And Compare Rates
We partner with leading insurance companies to provide you with the most affordable rates on the market. We will show you a few different policy options and estimated rates. From there, you can continue with the company that’s best fits you.
Depending upon the kind of coverage you get, a medical exam may be required to secure the best rate. See what other life insurance policies we have to offer.