Universal Life Insurance

When you buy a life insurance policy, you have the option to get universal life coverage. A universal policy might be part of your employer’s workplace benefits package. Before making a decision about life insurance, take time to examine your options.

Universal life insurance offers benefits that other types of life insurance policies do not. For example, universal life insurance acts as an interest-bearing investment account. The balance of this fund increases due to your contributions and as a result of accumulating interest.

Universal coverage is usually more expensive than a traditional life insurance policy, but its investment option is usually worth the cost. In addition to the death benefits paid upon your death, you can benefit from the cash accumulation before your death. Benefit can help you fund your retirement, provide a child’s college education, buy a home or meet other goals.

Premium payments increase the cash balance of your policy fund. You can withdraw the money at any time or allow it to grow. This coverage is most useful for those who wish to use their insurance as a way to accumulate financial wealth.

Purchasing a universal life policy is a terrific investment. It can aid in planning the rest of your life, but is not necessarily suitable for everyone. Speak with an insurance agent to learn if universal life insurance is best for you.