If you have recently begun to look at your life insurance options, then you have probably come across universal life insurance. These unique policies are often chosen because they not only protect your family in the event of your death, but they also provide a level of flexibility unlike any other form of insurance.
A flexible life insurance option
Some people may tend to shy away from the thought of life insurance because they are nervous about locking themselves into fixed premiums for 30 years or longer. That is a completely understandable concern, as many families do not know what their finances will be like down the road. A universal life policy gives you the ability to alter your premiums in the future, or perhaps even avoid paying the premiums altogether due to the policy’s accumulated cash value.
Instead of a flat rate, you and your insurance provider can come up with a scale that will allow you to adjust your future rates. When times are tighter, you can simply lower your premiums while still keeping the policy active. If your family is ready to invest more into the premiums, then you can increase your monthly payments in order to build the cash value of the policy. As the policy grows, you will eventually be able to use the cash value to pay for the premiums whenever you wish.
Who needs life insurance?
Most people have loved ones for whom they want to provide. Whether it is a sibling, spouse, child, or grandchild, these policies will provide those you love with financial assistance in the event of your death. You can choose any amount of coverage that you would like, depending on their current needs and future expenses.
Some people choose basic policies to cover nothing more than funeral expenses. Others opt for comprehensive policies that will help their family cover major expenses such as college tuition, house payments or even long-term medical care. One of our experienced agents can help you navigate through this sometimes confusing process and find the perfect coverage for your own unique situation.