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What Is Universal Life Insurance? 

A universal life insurance policy is a type of permanent life insurance that offers the policyholder flexibility in terms of premiums and death benefit payouts. 

One of the most significant benefits of universal life insurance is that the policyholder can change the amount of their premium payments at any time. 

Additionally, universal life insurance policies allow the policyholder to change the death benefit payout amount as their needs change over time. 

How Much Does A Universal Life Insurance Policy Cost?

The average cost of a universal life insurance policy is around $60 per month for $100,000 in coverage for a 25-year-old non-smoking female in excellent health. However, your costs will vary based on your specific situation. 

What Are The Different Types Of Universal Life Policies?

There are a few different types of universal life insurance policies available, and it can be helpful to understand the basic features of each one before you make a decision. 

Indexed Universal Life Insurance (IUL)

Policies offer the potential for cash value growth based on the performance of an underlying index, such as the S&P 500. These policies also usually have a death benefit that pays out to your beneficiaries in the event of your death. 

No Lapse Guaranteed Universal Life *

Is designed to last your entire lifetime, as long as you continue paying the required premiums. This type of policy typically has higher premiums than other types of universal life, but it can provide peace of mind knowing that your coverage will never lapse. 

*Guarantees are backed by the claims-paying ability of the issuing insurance company.

Flexible Premium Universal Life

Flexible premium universal life allows you to adjust your premiums within certain limits, depending on your changing needs and circumstances. This type of policy also has the potential to accumulate cash value over time. 

Variable Universal Life 

Policies offer the opportunity to invest your policy’s cash value in various investment options. These policies can provide flexibility and potential for growth, but they also involve more risk than some other types of universal life. 

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What Are The Pros and Cons of Universal Life Insurance?

The main advantage of universal life insurance is that it allows policyholders to adjust their coverage as their needs change over time. However, there are also some potential disadvantages before purchasing a universal life insurance policy. One downside is that universal life insurance typically has higher premiums than term life insurance.

Pros Of Universal Life Insurance

Universal life insurance is a type of permanent life insurance that offers flexible premiums and coverage. Universal life insurance is a good choice for someone who wants the death benefit of whole life insurance but doesn’t want to pay the high premiums.

Here are some of the pros of universal life insurance:

Universal life insurance policies have flexible premiums, so you can increase or decrease your payment amount as your needs change.The cash value of universal life insurance grows tax-deferred so that you can use it as an investment tool.You can borrow against the cash value of your universal life insurance policy, although this will reduce the death benefit.Universal life insurance policies typically have lower expenses than whole life insurance, so more of your premium goes toward the death benefit.

Cons Of Universal Life Insurance

Universal life insurance has become increasingly popular recently, but it’s not suitable for everyone. Here are a few of the cons to consider before buying a universal life policy:

The premium is often higher than other types of life insurance, and the death benefit may be reduced if the policy isn’t properly managed.If you need to access the cash value, there may be surrender charges or loan interest rates to contend with.There’s also the potential for the policy to lapse if the cash value doesn’t keep pace with the insurance cost.

So, while universal life insurance has advantages, one must be aware of the potential drawbacks before making a purchase.

LIFE INSURANCE WHERE YOU LIVE

Universal Life insurance by state.

With a Universal Life Insurance policy you can take care of your family the right way.

Should anything happen to you, you’ll want to leave your loved ones a financial nest egg for their wellbeing.

Is Indexed Universal Life Insurance Better Than Whole Life?

If you’re looking for permanent life insurance, you have two main options: whole life and universal life. Both have pros and cons, so it’s essential to understand the differences before deciding. 

Whole life insurance is the more traditional option, and it offers a death benefit and cash value, and the premiums are fixed. The downside is that whole life can be more expensive than other options, and the cash value growth is often slow. Universal life insurance also has a death benefit and cash value, but the premiums are variable. This means that they can go up or down depending on market conditions. 

The advantage of universal life is that it often has lower expenses than whole life, making it a more affordable option in the long run. Ultimately, the best type of permanent life insurance depends on your specific needs and circumstances.

How Do You Choose The Right Universal Life Policy For Your Needs? 

Universal Life insurance can be a good option for above-average-income earners who:

Used Up other retirement savings options such 401k, IRA, and Roth IRA accounts.Have dependents like adult children with disabilities who will require long-term care.Decide to cover state taxes for their beneficiaries/heirs.Want flexible premiums instead of the fixed premiums of whole life insurance.Don’t mind the cash value growth being tied to the market.

What Is The Catch With Universal Life Insurance?

The main “catch” with universal life insurance is that it’s a more complex product than whole life insurance, making it more challenging to understand and manage. As with any financial product, it’s essential to do your research and work with a qualified financial professional before buying universal life insurance. When done correctly, universal life insurance can be a valuable tool for legacy and retirement planning. 

How To File A Claim On Your Universal Life Insurance Policy?

When you die, your beneficiaries must file a death claim with the insurance company to receive the death benefit. The claims process is generally straightforward and can be completed online or over the phone with a customer service representative.

But it can take several weeks or even months to receive the money. In the meantime, your family may need to cover funeral expenses out of pocket. If you have a universal life policy, it’s essential to keep your beneficiary information up to date so that there are no delays in receiving the death benefit.

In a nutshell, Universal Life Insurance is a permanent life insurance policy that gives you more freedom than whole life insurance. However, if you’re searching for a life insurance plan with lower premiums (similar to a term policy) and a duration comparable to a whole life policy, a universal life insurance policy is a compelling option.

Then, there’s no longer need to wait; just click here for an instant quote and get covered online in minutes.

Why Trust Simply Insurance?

We make things simple. At Simply Insurance®, you get to compare only the top online universal life insurance companies. We’ve done all the hard work and picked out the top companies so that you don’t have to go through all of the top insurance companies in the nation… I mean, no one really has time for that. 

Years of licensed experience. As licensed agents, we help our customers navigate the entire insurance buying process online. We don’t work on commission and can answer any questions you may have in regards to your insurance policy.

Keeping it in “Plain English.” We pride ourselves on creating content that is easy to understand and that doesn’t have a ton of “insurance-ese”. Insurance education is essential to us and we put our customers needs first.

Frequently Asked Questions About Universal Life Insurance

What does Suze Orman say about universal life insurance?

Suze Orman feels that money contributed to a whole or universal life insurance policy might be earning a higher rate of investment return elsewhere if it is considered a savings tool rather than simply an insurance plan.

Do universal life insurance premiums increase with age?

Once your insurance policy is considered “in force,” your monthly universal life insurance premiums will not increase as you age. While some products increase with age, even when the policy is in force, they are scarce.

What happens to cash value in universal life policy at death?

The cash value of whole life insurance grows as the policy matures. This money value allows you to benefit from a living allowance while you are living. Your beneficiary is usually only paid the death payment when you pass away.