Universal Life Insurance

Understanding Universal Life Insurance: Flexibility and Control

Universal life insurance offers a unique blend of life insurance protection and a flexible savings component. Unlike term life insurance, which provides coverage for a specific period, universal life insurance provides lifelong coverage with the ability to adjust your premiums and death benefit over time.

Key Features of Universal Life Insurance:

• Lifelong Coverage: Provides permanent life insurance protection, meaning coverage continues throughout your lifetime as long as premiums are paid.
• Flexible Premiums: Allows you to adjust your premium payments based on your changing financial circumstances.
• Cash Value Accumulation: Builds cash value that can grow over time, depending on the policy's performance.
• Flexible Death Benefit: Allows you to adjust the death benefit amount to meet your changing needs.

Benefits of Universal Life Insurance:

• Control and Flexibility: Offers greater control over your policy, allowing you to adjust premiums, increase or decrease your death benefit, and potentially access your cash value.
• Potential for Cash Value Growth: The cash value component has the potential to grow over time, providing a potential source of funds for future needs.
• Tax Advantages: The growth of the cash value component is typically tax-deferred.

Important Considerations:

• Premium Flexibility: While premium flexibility is a key benefit, it's important to note that insufficient premium payments can impact the policy's death benefit and may even cause the policy to lapse.
• Cash Value Growth: The growth of the cash value component is not guaranteed and may vary depending on market conditions.

Consult with an Insurance Professional

Universal life insurance can be a complex product. Consulting with a qualified insurance agent can help you:

• Understand the intricacies of universal life insurance.
• Determine if it's the right choice for your individual needs and financial goals.
• Choose the policy options that best suit your circumstances.

Contact us today to schedule a consultation and explore the potential benefits of universal life insurance.