Tailor Universal Life To Fit Your Need
The universal life insurance policy is made up of term life insurance combined with a saving element.
The policy allows for flexibility in the amount of premium applied to saving and the amount applied to the purchase of life insurance protection.
The policyholder can, if he wills it, adjust the properties of his or her universal life insurance policy as seem fit.
He can increase or reduce the amount of insurance at any time. If s/he is increasing it, however, the life insurance company may require evidence of insure-ability.
This policy is so flexible the policy owner can increase or decrease the savings element at any time as well.
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Advantages Of The Universal Life Insurance Policy.
- The face amount is level and is paid upon the death of the policy owner.
- A face amount that is usually free from income taxes at death.
- The policy owner can change the amount of insurance during the time that the policy is in force. If an increase is required evidence of insurability might be needed by the company.
- Flexibility of the policy allows for an upward or downward change in the amount of saving.
- This policy accumulates cash values tax deferred. In the event of an emergency this cash can be accessed by the policy owner.
- If the policy earns cash values the death benefit usually increases accordingly.
Disadvantages Of The Universal Life Insurance Policy.
- The premiums are a little high. Term life insurance by itself is cheaper. If you want to save money the extra premium may be worth it.
- A fall in interest rates may result in the requirement of an increase in the amount of premium needed to keep the insurance in force.
The policy may lapse if the premium is not increased. As an alternative in this situation the insured may want to reduce the amount of insurance to prevent it from going into a state of lapse.
Waiver Of Premium Rider Can Add Value To Your Universal Life Policy.
The waiver of premium rider may be added to this policy, however, it usually is only applied to the portion of the premium that pays for the death benefit.
If the policy owner should become disabled the company will waive the premiums any time after six months of disability even if you are disabled for the rest of your life.
If ever you are able to go back to work again you start paying your premiums again, you don’t owe the life insurance company any money for paying the premiums during your disability.
All in all the universal life insurance policy is one of the best alternatives to term life insurance if you can afford the extra premium.
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