While term life can be described as a base model of life insurance, step up in power with Universal Life (UL) insurance. It offers more bells and whistles that can help provide coverage for longer-range goals like college funding, supplemental retirement income and leaving a legacy for your heirs (provided all applicable premiums are paid). These bells and whistles include features like flexible premium payments that can generally be paid in any amount, at any time, and even in advance, allowing your policy to adapt to you. Not the other way around.
Moreover, universal life insurance offers the opportunity to build tax-deferred cash value that you can access for future use.
Universal Life Insurance is a form of permanent life insurance. It can provide affordable guaranteed protection and flexibility.
A Universal Life insurance policy provides flexibility that allows you to change, within limits, the death benefit and the timing and amount of your premium. You can build your policy's cash value, or pay a lower premium and focus more on guaranteed protection.
Universal Life insurance can be right for you if you want:
Protection that can last a lifetime
The flexibility to choose between two policy designs:
Protection plus cash accumulation, or
Focus on affordable guaranteed protection
An option for a lifetime of guaranteed monthly income for your beneficiaries
Some things to consider about Universal Life Insurance:
Cash value growth is based on periodically-declared fixed interest rates. Should rates fall, cash accumulation could suffer, and higher premiums may be needed.
Changing your policy's premium or death benefit can affect your policy's performance and guarantees, possibly requiring higher premiums later.
Your Best Insurance USA representative can help you determine whether Universal Life insurance makes sense for you and your family.