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Universal Life Insurance

Universal Life Insurance

What is Universal Life Insurance?

Universal life insurance is a typical life insurance policy, except you earn interest on the policy. You can withdraw the interest for personal use. It is a form of life insurance that you can benefit from without being dead. And when you die, your family still receives the benefit.

This policy is for people who are married with children. It is mostly because of the interest part of the policy. Although anyone can get universal life insurance, it is usually recommended for those who have a family. When the policyholder retires, they will have to adjust the policy.

The policyholder must pay a monthly premium. These premiums gains interest over time and the policyholder can withdraw funds. The savings in this policy may be tax exempt. Also, when the death benefit is paid the money is not taxed.

Life insurance is beneficial because it helps your family after you die. But universal life insurance has the added benefit of gaining interest. As a result, you have access to the money before your death. You should speak with an insurance agent to determine which type of life insurance is best for you.

Life Event Riders:

  • Spouse Term (Other insured)
  • Accidental Death Benefit
  • Waiver of Premium
  • Children’s Term
  • Long Term Care
  • Critical Illness