Flexible Universal Life Insurance

Have a family? Having Life Insurance is in your best interest. What does it mean to hold a life insurance policy? Peace of mind. For a small cost you can feel secure that your family will be protected in the unplanned event of a premature death.

Term Life Insurance is the least expensive of the different types of coverages. But there are some restrictions to these policies. One example is that a Term Life Insurance policy is only for a clearly defined period of time. After that time that life insurance policy ends.

Universal Life Insurance is a life insurance policy that is for one’s entire life. True a Universal Life Insurance policy may cost a little more but, the benefits are great. Universal Life Insurance policies have flexible features. One example is that you can raise or lower your death benefit. Keep in mind that if you do increase the coverage amount you may be subject to a new underwriting review. The premiums are also flexible. What does this mean? It means that you may be able to increase the premium that you are paying or make lump sum contributions. The tax benefits of doing so can make a difference. The extra money paid toward the Universal Life Insurance policy grows tax-deferred. Also paying an increased amount may raise the cash value.

The Universal Life Insurance policy also provides a guaranteed minimum interest rate that is applied to the policy. This is what you are guaranteed at minimum to get as a return. However, if the investments that the insurance company makes do well, you could get a higher return on the cash portion of the policy.

Besides being flexible, don’t forget that the life insurance payouts are generally tax-free to the beneficiary. There are a great many reasons to secure your future with a life insurance policy. To learn more about why life insurance is so important log on to www.mybenelife.com.