Universal Life Insurance

Universal Life Insurance Policies

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Anyone that is considering their options for life insurance will want as much control over their coverage as possible. This is why many have turned to universal life insurance policies that will give them quite a few choices over various components of their policy and could even include a cash value element. Here is a closer look at this form of permanent life insurance and who might benefit from one of these policies.

Understanding Permanent Life Insurance

All life insurance can be classified as either permanent life insurance or term life insurance. As the name implies, permanent life insurance will stay active throughout the policyholder's lifetime and provide financial assistance to their family and loved ones in the event of their death. This will give the policy-holder even more confidence in their coverage because they know it will not expire in the near future. 


The primary benefit of universal life insurance is the amount of flexibility that the policyholder will have. You and your insurance agent can sit down and come up with the exact amount of coverage that you would like and what the premiums will be set at. Essentially, any amount that the policyholder would like to put into their insurance will increase the total coverage. Those that are not able to pay for a short period might also have the option of covering their premiums with the cash value in their policy. 


Variable Life Insurance:

Variable permanent life insurance is the name given to policies that combine life insurance and an investment opportunity. A percentage of every payment will be used to invest into one's portfolio which can build additional cash value. This cash value can either be reinvested, applied to the death benefits, or withdrawn at a later time. Variable life insurance policies typically have a rider that will guarantee a set death benefit no matter how the investment portfolio is doing. 


Not only will variable life insurance provide family members and loved ones with financial help after you have passed away, but this type of coverage can also be used as an investment vessel to build equity for major expenditures.

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