There are many different types of life insurance policies out there. We at Elite Benefits Group want you to understand all your life insurance options so that you can make the best decision for your needs. In this article, we’d like to go over some key facts about universal life insurance to help you determine if it may be right for you.
Here are a few things you should know about universal life insurance:
- What it is: Universal life insurance is a permanent life insurance policy that can offer coverage for the policy holder’s lifetime as long as you continue paying the monthly premium. The cash value of the policy can grow over time.
- When you can access it: As with many life insurance policies, a universal life insurance policy will allow for a death benefit to the beneficiaries upon the passing of the policyholder. You can also access the cash value through withdrawals or loans at different points in time, though these may incur interest or taxes.
- What the premium is: Universal life insurance policies typically involve lower premiums than other types of policies. The premium can also often be adjusted to better suit your budget. This can make this type of life insurance more affordable at any point in your life, no matter your financial standing.
Universal life insurance is only one example of life insurance that may be available to you. You can turn to us to discuss the different options available to you and which option might benefit you and your chosen beneficiaries the most. We are always happy to address any questions or concerns you may have.