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What are the benefits in life insurance of universal life insurance?
Wiki User
∙ 13y ago
Universal life insurance is a modified, flexible form of whole life insurance. Part of your premium goes toward insurance coverage, while the rest is invested to increase the policy's cash value.
Benefits of Universal Life Insurance:
Universal life insurance is the most flexible of all life insurance plans:
* It lets you choose the amount of protection you want, increasing or decreasing your coverage as your needs change.
* It lets you control the amount and frequency of your payments. If you have extra cash, you can pay more and the extra money grows tax-deferred. If you're short on cash, you can pay less and let the policy's accumulated cash value pay the remainder of the monthly charges.
If you do decide to invest in a universal life insurance policy, be sure you plan to keep the policy for at least 15 years. It will usually take that long before you are eligible for any return on the policy.
Wiki User
∙ 13y ago
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What are the benefits of universal life insurance and what are the possible drawbacks of this type of policy?
What are the benefits of universal life insurance, and what are the possible drawbacks of this type of policy
How does a Universal Life Insurance Policy work?
Universal Life Insurance Policies work by giving death benefits when one dies. Unlike other life insurance policies, universal life insurance policies generate interest over time.
Which of these is an element of universal life insurance?
This life insurance policy has two different types of death benefits.
How does Spectra Life Insurance differ from Universal Life Insurance?
Universal Life Insurance is the one type of life insurance. This is a flexible version of life insurance where you get the savings element of whole life. Universal Life Insurance policies is the combination of death benefits with a savings component or cash value that is reinvested and tax deferred.
What type of benefits are there to a universal life insurance policy?
The benefits from a universal life insurance policy is that is offers flexible premium payments and death benefits. It also gives you different cash value options that can be invested in many ways.
What are the benefits of universal life insurance?
The main benefit is someone else pays for your free insurance
What are the benefits of having universal life insurance?
The most important benefit of having an universal life insurance is that you can provide a permanent death benefit to those who depend on you while earning cash value.
How does one go about purchasing a Universal life insurance?
Universal life insurance is a form of life insurance, a policy used to provide a family with money after the death of the one getting the insurance. Universal life insurance can be purchased from many of the leading life insurance companies, including Nationwide and American Family.
What has the author Jeanne G Thomas written?
Jeanne G. Thomas has written: 'Universal life insurance' -- subject(s): Life Insurance, Universal life insurance
What exactly is universal life insurance?
It is a cashed based, permanent life insurance. You earn interest based on stocks or bonds. There is a savings element involved with universal life insurance. It is more flexible than standard life insurance.
Do you need universal life insurance?
Universal life is a tool just like whole life and term. They all have their place, but not everyone need universal or term insurance. It depends on what your goals and fears are.
Are life insurance benefits subject to confiscation by medicare?
Can Medicaid sieze the benefits of a life insurance policy
