Universal Life Insurance Policies
Protect Yourself With Universal Life Insurance
Universal Life insurance offers coverage for a family's growing needs. If it is offered as a workplace benefit, it may provide an employee’s family with the financial resources they need to thrive through the changes a family may go through over time. This insurance provides financial protection for those who plan on getting married, who plan on having a baby, or who may start a new career.
The process works in two ways: First, it provides long-term protection, and second, it offers flexibility, which is important when handling needs that will evolve as a part of life. Although anyone can obtain coverage at any age, the best time to get this type of insurance is when a person is young and in good health. This allows for lower rates and increased benefits.
Those who take excellent care of their health by consistently maintaining a healthy lifestyle - a proper diet, regular exercise, and no smoking or substance abuse may get an improved rate. However multiple factors are considered when determining policy rates.
Flexibility means that the policy can be changed as life progresses. Since coverage can be reduced or increased while still retaining the policy, it is an excellent choice for those with fluctuating incomes; like business owners or independent contractors. However, underwriting approval is necessary to increase coverage while decreasing coverage might impact the policy guarantees.
This insurance policy usually offers the following primary benefits:
- It is affordable coverage for a working person.
- It accumulates in cash value over time.
- It provides available funds when needed if the insurance is paid-up to that date.
Universal life insurance is a form of permanent life insurance available in the United States. Under the policy, excess premium payments above the current insurance cost can be credited to the policy's cash value.