What is Universal Life Insurance?
Universal Life Insurance is another type of flexible permanent life insurance that provides low-cost protection (similar to term life insurance), but includes a long-term money saving component (similar to whole life insurance). ?The combination of the two allows Universal Life to create investment opportunities for clients to build up cash over a longer period of time.
Why Choose Universal Life Insurance?
Universal Life Insurance is flexible in that it offers clients the ability to reevaluate and alter their personalized policies, including certain death benefits, premiums, and investment/savings, as their lives mature and change. It is basic and easy to understand because the client pays a premium towards a death benefit and towards a savings/investment portfolio.
How Does Universal Life Insurance Benefit the Policyholder?
What makes Universal Life Insurance different from other plans is that it allows the policyholder to use the interest from the savings component, which provides a secure cash blanket and gradually lowers their premiums.
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