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Flexible, Permanent Protection
What is it?
Universal life insurance was created to provide more flexibility than Whole Life insurance by allowing the policy owner to shift money between the insurance and savings components of the policy. Universal Life is a type of flexible permanent life insurance offering the low-cost protection of term life insurance as well as a savings element (like whole life insurance) which is invested to provide a cash value buildup.
Who needs it?
The advantage of the Universal Life policy is its premium flexibility and adjustable death benefits. The death benefit can be increased (subject to insurability), or decreased at the policy owner’s request. If you need flexible permanent life insurance, Universal Life is for you.
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How are the benefits?
The death benefit, savings element and premiums can be reviewed and altered as a policyholder’s circumstances change. In addition, unlike Whole Life insurance, Universal Life insurance allows the policyholder to use the interest from his or her accumulated savings to help pay premiums.
|Features of Universal Life|
|• Permanent Protection|
|• Builds cash value|
|• Flexibility to adjust your coverage and premiums|
|• Access to tax-deferred cash values|
|• Part of premium go into a cash account in your policy|
|• Cash account earns interest|
|• Can borrow against your policy in the form of a loan|
What else to look for?
If you or your family will have other needs, you might buy Universal life or one of the following products:
|• Term Life||• Long Term Care||• Accidental Death|
|• Disability||• Whole Life||• Final Expense|