Universal life insurance provides you with lifelong protection as long as you fulfill all requirements within your specific policy, including paying the associated premiums. Like other forms of life insurance, universal life insurance comes with many associated benefits. Here are some of the biggest reasons people choose to purchase universal life insurance policies.
- Flexibility. You have more control over your premiums with universal life insurance. If your salary or income were to change, you’d be able to adjust your premium, provided you stay within a specific limit as outlined in your universal life insurance policy.
- Protection for life. Your family will be protected when you choose universal life insurance. Death benefits through universal life insurance are tax-free for your family, so you won’t have to worry about them having needed financial resources if something were to happen to you.
- Cash value. The cash value of your universal life insurance policy will increase as time goes by. This value also earns interest, and you are able to pay premiums and use this cash after retirement through taking out policy loans. The cash value’s growth is also non-taxable, meaning that you won’t have to pay taxes on the interest earned.
Universal life insurance shares some similarities with whole life insurance, but these key differences make this type of life insurance coverage more appealing to different people based off of their needs and circumstances. If you’re having trouble deciding between different life insurance plans or you want to know more about how to work with your universal life insurance policy, call us here at Elite Benefits Group today.