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Universal Life Insurance

Who Needs Universal Life Insurance?

Universal life insurance is one type of permanent life insurance that can provide security for your family. Universal life insurance provides for death benefits and has a cash value feature that can help meet your future financial needs.

When you want to compare universal life insurance rates, find a local independent agent in the Trusted Choice® network who specializes in life insurance. These agents have access to a broad range of life insurance companies and can help you evaluate several policies. Contact a local member agent in your area today to learn more about universal life insurance and compare quotes.


Interesting Life Insurance Facts

  • The first known life insurance policy was issued in the U.S. on May 22, 1761
  • 6 out 10 U.S. consumers can’t remember being offered life insurance in the last 2 years
  • Most U.S. consumers buy life insurance to cover funeral expenses and to replace income

What is the Definition of Universal Life Insurance?

Universal life insurance is one type of permanent insurance designed to stay with you for your entire life. The other main type of permanent life in insurance is called whole life. These permanent policies differ significantly from term life insurance, which insures you for a specified period of time and only pays a death benefit. Permanent policies have a cash value accumulation feature not found with term life insurance.

Although there are some alternatives to how you purchase whole life insurance, universal life insurance offers more flexibility. A universal life insurance policy has two main features that set it apart from whole life insurance. These include:

  • Adjustable death benefits: The death benefit can be increased or decreased at the policy holder’s request.
  • Flexible premiums: You can choose different methods of payment for your premium.

Is Universal Life Insurance Right for You?

Universal life insurance is a good insurance plan to consider if you are interested in covering any of the following:

  • Income replacement – To provide financial security for your children and/or spouse
  • Funeral Expenses – To cover funeral costs and outstanding medical expenses
  • Debts – To pay for outstanding business or personal expenses such as business loans or your mortgage, personal loans and credit cards
  • Estate – To provide cash liquidity to cover federal, state inheritance or unpaid taxes
  • Retirement Plan – If you have need for an income tax shelter or want to maximize your pension
  • Charitable Gift – If you want to donate the policy proceeds directly to a charity or place them in a charitable trust
  • Business Reasons – If you have an existing buy/sell agreement with business partners, or want to use the benefits for an executive bonus incentive

How to Find the Best Universal Life Insurance Quotes

Universal life insurance policies and premium rates can vary among the numerous life insurance companies. To find the best plan at the best rates, it is important to do some comparison shopping.

The best way to achieve this is to talk to an independent agent in the Trusted Choice network who specializes in life insurance. These agents have access to many life insurance companies and can help you find the policy that meets your individual needs.


Comparing Universal Life Insurance Policies

A universal life insurance policy has a variety of options to allow you to select the most ideal plan for your individual situation. The policy plans you can choose from include:

  • Basic Universal Life – This comes with a guaranteed but flexible death benefit and a cash surrender value which is tax deferred and accessible as a loan or can be borrowed against.
  • Survivorship Universal Life – This means the proceeds are only paid out when the last surviving person who was insured in the policy dies.
  • Joint Universal Life – This means that the proceeds are paid out on the death of the first insured person who dies.
  • Variable Universal Life – This allows you to use the cash value portion as an investment tool for a variety of investment options.
  • Index Universal Life – This type of universal life insurance allows you to invest the cash value into an equity index such as the S & P 500 or the Dow Jones.

Comparing Premium Options for Universal Life Insurance

Premium flexibility is one of the advantages of universal life insurance. Your premium options include:

  • Single Premium – This is a one-time lump sum initial payment that pays for the purchase of the policy
  • Fixed Premium – Where specific amount premiums are paid periodically and usually last less than the life of the policy
  • Flexible Premium –.Allows you to vary the amount of premiums you pay within certain limits

What Can I Do with the Cash Value?

The cash value accumulation feature in a universal life insurance policy offers several choices:

  • Withdraw a portion of the cash value that you have accumulated to use as you wish
  • Borrow against the cash value accumulation; this may be repayable, and interest may apply

Universal Life Insurance from an Independent Agent

Universal life insurance can be an excellent way to protect your loved ones. Its flexibility allows you to alter the death benefits and premium options, and may provide you with applicable investment options. You can set up a policy which is tailored for your specific financial needs with a little help from an independent agent.

To find the best coverage for your needs at the most competitive rates, talk to an independent agent in the Trusted Choice network who specializes in life insurance. A member agent in your area can help you get all of your questions answered, compare different universal life insurance options and find the right plan at an affordable rate. Contact a local agent for personalized assistance today.

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