Universal Life Insurance

What is Universal Life Insurance?

Universal life insurance is a type of permanent life insurance. This is because it remains active for the duration of the policyholder’s life. The policyholder needs to speak with their insurance agent about the features of this policy. Most people choose term life, which must be renewed once the term ends.

Who Needs Universal Life?

The main benefit of permanent life insurance is it can never be revoked or reduced. The only exception is if the policyholder has committed fraud or failed to pay premiums. Permanent life insurance is ideal for those who want to how exactly what their beneficiaries will receive upon their death. Many people opt for permanent policies because they will not see an increase in their premiums or be turned down due to medical issues. Those who develop serious diseases will have to pay exorbitant premiums or be turned down outright for other types of coverage.

The Benefits

Universal lasts for the duration of the policyholder’s life, and is flexible. You can alter your premiums, and this will affect the value of the policy. Policyholders also have options when it comes to the amount of premiums invested and what investments are made. This means universal policies are excellent for people who want life insurance that is as an investment.

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