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Universal Life Insurance

Universal Life Insurance - Affordable, Flexible, Permanent Protection

Having life insurance is essential for your entire life because you never know when a sudden event can happen causing financial hardship. Life insurance protection that stays with you throughout your life should be considered an investment for both you and your family. Universal Life Insurance is one life insurance option that can give you and your beneficiaries financial security.

Universal life insurance offers permanent life insurance protection and access to tax-deferred cash values. The premiums are deposited into your insurance policy's account value where it will earn interest each month. On a month basis, certain deductions such as cost of insurance (COI) charge are made from the account value. As the policyholder, you have the option to make withdrawals or take loans from the account value for your own needs. Unpaid loans and withdrawals will decrease the cash value and death benefit. Under the terms of the universal life insurance policy, the surplus premium payments above the present insurance cost is credited to the cash value of the policy. As well, any other policy charges and fees which are drawn from the cash value is made each month.With universal life insurance, the policy remains in place as long as the cash value is enough to cover the different deductions each month.

The insurer determines the Interest credited to the account, however has a contractual minimum rate of 2%. Typical uses for Universal Life Insurance include:

  • Special Needs, Estate, and Business Planning
  • Provides for a family's mortgage costs, educational expenses, loss of income
  • Access to cash value for personal opportunities
  • Ability to build tax-deferred cash value

A Universal Life Insurance policy is an easy, affordable, and flexible way to protect your loved ones financially. The policyholder chooses the amount of life insurance and premium payments according to policy. The proceeds are normally income tax free to the beneficiary. The cash value can be accessed to help with needs such as provide a retirement supplement, or other personal needs.

You can get an affordable universal life insurance policy rate by using a life insurance comparison quote site. On an insurance quote site, just fill out and submit the online insurance quote form to receive life insurance quotes from different insurance companies. Then, review each quote and choose the insurance policy that best meets your needs and budget Life insurance is an investment in peace of mind for you and your family.

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