Our team can help you determine if universal life insurance is the right option for your needs.
Universal life insurance is a permanent insurance policy that pays out upon the death of the policyholder, helping to reduce the financial burden on those left behind by the death. This particular type of life insurance generally has lower premiums and an investment savings element designed for younger individuals who are less likely to pass away. A universal life insurance policy is more flexible than a whole life insurance policy in that the death benefits and premiums can be adjusted. The premiums include two key components: the cash value, or the savings component, and the cost of insurance component.
This type of life insurance policy has benefits and drawbacks. Universal life insurance can accumulate cash value, which may be accessible to the policyholder. If you choose to take withdrawals from the policy, that cash may be taxable, depending on the terms. You may also be able to borrow against the accumulated cash value, although fees and interest may apply. Universal life insurance also has flexible premiums, so paying more than the cost of insurance can increase the cash value of the policy.
Our team at Elite Benefits Group can help you determine if universal life insurance is the right option for your needs. We have experienced team members who understand the different types of insurance policies available and can help you find the ideal policy based on your goals and financial situation. We work with clients throughout North Carolina. You can count on us for both life and health insurance needs, so contact us for more information.