Adaptable lifelong coverage. Universal life insurance offers permanent coverage for your entire life, but with greater flexibility than a traditional whole life policy. It's a versatile financial tool that can adapt to your changing needs by allowing you to adjust your premium payments and, within certain limits, your death benefit. With a universal life policy, a portion of each premium payment goes toward covering the policy's expenses, while the remainder is deposited into a tax-deferred cash value account that earns interest. This cash value can help fund the policy or be accessed later in life.

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Key benefits of Universal Life

• Flexible premiums: Pay more during high-earning years to increase the cash value and potentially skip payments later, or pay less during lean times, your policy would need enough cash value to cover its costs.

 

• Adjustable death benefit: You can increase or decrease your death benefit over time to align with your changing financial responsibilities, increases typically requires a health review.

 

• Tax-deferred cash value: Cash value grows tax-deferred, you can borrow against or withdraw from it for expenses. Unpaid loans will reduce the death benefit.

 

• Customizable growth potential: Depending on the type of universal life policy, your cash value can grow in different ways:

 

o Standard Universal Life (UL): Earns interest at a rate set by the insurer, with a guaranteed minimum rate.

 

o Indexed Universal Life (IUL): Tracks the performance of a market index, like the S&P 500, with a cap on gains and a floor to protect against losses.

 

o Variable Universal Life (VUL): Allows you to invest the cash value in various sub-accounts, offering higher growth potential but also more risk.

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Explore the flexible options of universal life insurance to build a lasting financial safety net for your family. Designing a plan that adapts to your life is important. Get a personalized quote today.