What is Universal Life Insurance

By: Mevish Jaffer

Is life insurance coverage a necessity for you and your family? Ultimately, only you can answer that question, but if you wish to protect your loved ones against financial difficulty in your absence, then life insurance is definitely an option worth contemplating. However, with all of the different kinds of life insurance policies out there, how do you know which one is right for you?

If you want to select the best policy, you have to first determine your life insurance needs. This can be achieved by assessing your individual financial situation as well as taking other personal factors into consideration such as whether you are the sole source of financial support for your family, the total amount of outstanding debt you will be leaving behind, how much you want your children to have in order to finance their education and other financial concerns that will affect the type of life insurance policy that will work best for you. One type of life insurance policy that may be right for you is universal life insurance.

Benefits of Universal Life Insurance

What is universal life insurance and what are some of the advantages you can profit from by having this particular policy? Well, universal life insurance is in essence a form of whole life insurance, only with flexible premiums and benefits. If you prefer to have life insurance coverage up to the age of 70+, a universal life insurance policy is an option you should consider.

The key features of universal life insurance also serve as advantages that you can directly benefit from as a policy owner. These include:

  • In terms of flexibility, universal life insurance allows you to choose the amount of coverage you need and enables you to adjust them according to your changing insurance needs.
  • In regards to savings, universal life insurance offers an interest rate tax-deferred benefit.
  • There are several coverage options with universal life insurance, including family coverage plans. You also have the option to waiver monthly premiums based on disability and can rely on guaranteed insurability.
  • University life insurance also provides you with tax-free death benefits.

Find Affordable Universal Life Insurance Rates

Much like shopping around for any other kind of service, you need to compare universal life insurance rates from several different companies in an effort to find the best quote. Affordable universal life insurance rates are out there, but it’s up to you to find them. One way to do it is to get online and visit a comparison Web site. The best part is the entire process is quick and simple. All you have to do is fill out a short form in exchange for insurance quotes from multiple universal life insurance companies. Additionally, with the high caliber of today’s technology, there are other Web sites which enable you to have live online conversations with experts in the field so that you can have all of your important questions and concerns addressed right away.

Going over your life insurance coverage options is difficult and to a certain degree, even painful. The thought of your family’s survival, both emotionally and financially without you is not an easy pill to swallow. However, as hard as it may be to do so, now is the time to take some action in order to ensure your family’s protection in the event of your death. Take some time to find out more about some of the different types of life insurance coverage plans, including universal life insurance. Your family should be your first priority in the present as well as in the future.

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