Life Insurance Hub

Definition Of A Universal Life Policy

What is the definition of a universal life policy? How does universal life insurance work, would this policy tit your need for life insurance coverage.

About 20 years ago the life insurance industry was concerned more than usual the “buy term and invest the difference” advocates.

As a result the actuaries went to work, not only to improve term life insurance policies, but also to come up with viable combinations of investment instruments and term life insurance.

Together with variable life the universal life insurance policy was born.

Don’t pay too much for life insurance! Shop and compare Quality Quotes from Quality Carriers first. Just answer a few quick questions then get your Quotes. The process is Easy and FREE. Click Here For Free Quotes

Definition Of A Universal Life Policy

The definition of universal life insurance is as follows. Universal life is a term life insurance policy with a saving element attached.

It is even more flexible than a whole life insurance policy in some ways in that the death benefit, premium and savings element can be changed at any time to fit the desires and financial situation of the policy owner.

  • The Death Benefit

    The death benefit of a universal life insurance policy is usually paid to the beneficiary free from income taxes. Because the proceeds can be paid directly to the named beneficiary the delay that is usually brought about by probate is eliminated.
  • The Flexibility

    You can elect to change the amount of life insurance protection as your need for protection changes. Premium payments are flexible and can be adjusted according to your ability to pay.
  • The Cash Values

    Continuing the definition of a universal life policy. Like whole life insurance cash values of universal life insurance accumulate tax free, and can be borrowed if you should have a temporary need for additional cash.

    You can use cash values of your universal life policy to fund a college education for a child, pay off the balance of a mortgage or make a down payment on a new home, or may be to start a business.

The definition of a universal life policy is all of the above and even more. You can add the waiver of premium and the accidental death benefit to the insurance portion of the policy.

Can you think of anything more important than your Family’s Security? What would happen to Your Family if you died? Would they be provided for? Compare Quality Life Insurance Quotes from Quality Carriers and Save. Click Here To Learn More

Home Permanent Life Insurance Definition Of A Universal Life Policy Variable Life Insurance Quote Fixed Annuities Beneficiaries Of Unclaimed Life Insurance Definition Of Term Life Insurance Life Insurance Rates Accelerated Death Benefit Affordable Life Insurance Annuity Best Life Insurance Quote Buy Term Life Insurance Buying Life Insurance Charitable Giving Cheap Term Life Insurance Cheapest Life Insurance Compare Term Life Insurance Quotes Disability Insurance Life Insurance Free Life Insurance Quote How Much Life Insurance Joint Term Life Insurance Life Insurance Rates Long Term Care Insurance Low Cost Term Life Insurance Term Life Insurance Quotation Whole Life Insurance

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top