UNIVERSAL LIFE INSURANCE
It is a form of Permanent Life Insurance, that involves a self-directed long-term investment component with a tax-deferred investment account.
It is a form of Permanent Life Insurance, that involves a self-directed long-term investment component with a tax-deferred investment account. In other words, it offers flexible protection that enables you to choose your investments and plan your payment schedule as per your requirement.
Some universal life insurance policies are designed with the ‘level cost of insurance’ that divides the cost of the coverage evenly over the life of the policy. While other policies have a yearly renewable term (YRT) that initially involves a lower cost and increases overtime to equal your actual cost of insurance.
Benefits of Universal Life Insurance:
- It includes lifelong insurance coverage.
- You have the power to choose your investment options and manage your risk profile.
- It is cost-effective and includes flexible premium payment options.
- It also provides your beneficiaries with a tax-free payout after your death.
- Universal life insurance is a form of permanent life insurance with an investment savings element plus low premiums.
- There are no tax implications for policyholders who borrow against the accumulated cash value of their UL insurance policy.
- Unlike term life insurance, a UL insurance policy can accumulate cash value.
You can borrow from any accumulated cash value in your policy.
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