Is it universal life insurance right one for you?
UL has a flexible premium and adjustable benefit. It accumulates cash value over the policy period.
UL allows you to change the amount of insurance as your needs change.
The following are some tips that can help you to make the decision whether or not to invest in this particular type of policy.
Any type of life insurance policy should be used to protect your beneficiaries should you die sooner rather than later.
Flexibility is something that this policy provides better than any other.
Determine how much life insurance you need and adjust the death benefit and the premiums as time goes on. Increases may require more health underwriting, but UL still gives you the most flexibility.
UL allows you to provide financial protection to your loved ones. If you have a sudden health problem resulting in your death, your spouse or beneficiaries will have the funds to pay the mortgage and send the kids to college.
Your beneficiaries do not have to pay tax on the life insurance benefits they receive. Unlike other investments like stocks or real estate, where a estate, gift or other tax would apply.
A UL account value may earn interest. The amount of interest is determined by the company's current interest rate. Some lifeinsurance companies guaranteed a certain interest rate.
Keep the following in mind:
Universal life insurance is often a good investment if you want to protect your financial future while still having the flexibility to change your accounts over time, as your needs or lifestyle changes
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