Universal life insurance is a flexible type of life insurance that has both a death payout and a cash value part. People with clear financial goals, a willingness to take risks, and the need to plan for the long run may benefit from this type of insurance. Our team can answer any questions you have about universal life insurance or any other types of insurance.
People in the following groups may want to think about getting universal life insurance:
- Long-Term Financial Goals: People who have long-term financial goals, like building wealth or planning their estate, often choose universal life insurance. The cash value part of universal life insurance plans lets policyholders save money over time without having to pay taxes on it.
- Families: Universal life insurance is an option for families, especially when only one family member works outside the home. The death benefit can be used to replace lost income, settle bills, or pay for future costs. This gives the insured person and their family peace of mind.
- Business Owners: Universal life insurance can help business owners plan for the future of their business, protect key employees, or pay for buy-sell deals. It also lets them change the coverage based on their business’s changing needs because the insurance is flexible.
- People with Flexible Income: People whose incomes change often, like those who are self-employed or who work on commission, might like how universal life insurance monthly payments can be flexible. They can change how much and how often they pay to fit their cash flow.