Universal Life Insurance
Universal Life Insurance Universal life insurance is one of the several types of life insurance. This is coverage that pays a benefit to your beneficiaries upon your death. It’s one way to make sure your family has funds to survive once you’re gone. Most people with kids and/or a spouse make sure to purchase life insurance. However, anyone can purchase life insurance for themselves or even a family member. A Flexible Option Many people avoid thinking about life insurance. Maybe because thinking about death makes them uncomfortable. Or it could be they are nervous about locking themselves into fixed premiums for 30 years or more. Universal life insurance can address at least one of these problems. A universal life policy gives you the ability to alter your premiums or potentially even avoid paying the premiums completely. Instead of a fixed premium, with universal life, the insurance provider will provide a scale that allows you to adjust your future rates. When necessary, you can lower your premiums while still keeping the policy active. When you’re ready to invest more, then you can increase your payments and build cash value in the policy. When the policy grows, you can use the cash value to pay the premiums. If you have loved ones you would like to care for after your death, then life insurance is a good way to do it. It could be a sibling, spouse, child or anyone who you want cared for. Just make sure to leave specific instructions about who receives the money from the death benefit. You can choose different amounts of coverage. Some people choose basic policies to cover funeral expenses and nothing more. But you might want a comprehensive policy that will help cover major expenses, such as mortgage payments. Speak with an insurance agent to help you find the perfect coverage.