Our team at Elite Benefits Group has extensive experience in the insurance industry, and we want to help you find the right insurance for your needs. To do this, we offer a range of options for both health and life insurance. In this article, we will focus on universal life insurance, going over some basic information about this kind of plan to help you decide if it’s right for you.
- Cash Value – One of the benefits of universal life insurance, and something that sets it apart from some other life insurance plans, it its cash value. When you pay the premium on this kind of plan, the company takes out the cost of the insurance and of administrative fees and puts the rest into a cash value account. This account can increase in value over time.
- Premiums – Another advantage of universal life insurance is its adjustable premiums. You can choose to pay more than the minimum premium, and the extra money will go into your cash value account. Alternatively, if you can’t afford the minimum price this month, you can draw from your cash value account to make up the difference until your financial situation improves.
- Death Benefit – A third advantage of universal life insurance plans is that many offer increasing death benefits. This means that when you pass, your beneficiaries will receive the standard death benefit—for example, $100,000—as well as the value of your cash account. So, if your cash account has a value of $50,000, then your loved ones will receive a total of $150,000.