Universal Life Insurance
Life insurance is an easy way to make sure your family will be financially protected if you pass away. There are different types of life insurance that offer different levels of coverage and affordability. One of the types that is guaranteed to offer your family protection is called universal life insurance. Read on to learn about universal life insurance below.
Basics of Universal Insurance
Universal insurance is a type of life insurance policy that provides a coverage amount to your beneficiaries when you pass and is a permanent policy. As long as you pay your premiums, your beneficiaries will be covered. A universal life insurance policy also allows you to make certain financial moves. Your monthly premium goes partially towards the death benefit. It also goes to building up the policy’s cash value.
You can then borrow against the cash value or withdraw the cash value, depending on the rules of your policy. You can also earn interest on that cash value. You may also have the ability to lower or stop paying your premiums for a certain period of time. This is different from a whole life insurance policy, which has fixed premiums and does not allow you to withdraw your cash value or earn interest.
Advantages and Disadvantages
There are advantages and disadvantages to these types of policies, though, and they should be noted before you decide to go with this policy.
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Deciding on a plan type, finding a company you trust, and applying for the policy can be very stressful. Contact us at InvoBH today to learn more!