Why Do People Buy Universal Life Insurance?
- Adjust payments based on financial situation.
- Protection extends for life, not just a term.
Cash Value Accumulation
- Part of the premium grows as a tax-deferred savings component.
- Helps in wealth transfer and managing estate taxes.
Adjustable Death Benefits
- Option to increase or decrease the benefit amount.
- Death benefits are generally tax-free to beneficiaries.
Borrowing Against Policy
- Loans can be taken against the policy’s cash value.
Supplement Retirement Income
- Policy’s cash value can supplement retirement funds.
- Useful in business partnerships or key person insurance.
Financial Security for Dependents
- Ensures dependents are financially supported.
Covering Final Expenses
- Helps in paying for costs like funeral expenses.
- A tool for long-term financial planning and wealth accumulation.
- Add riders like long-term care or critical illness coverage.
Fixed Interest Accumulation
- The cash value grows at a minimum guaranteed rate.
Funding Education or Other Goals
- Can help in funding children’s education or other financial goals.
Universal life insurance offers a combination of flexibility, long-term protection, and financial planning advantages, making it a popular choice for diverse needs. For those considering universal life insurance, it’s essential to get the right information and quotes to make an informed decision.
For personalized universal life insurance quotes and expert advice, visit The Annuity Expert.
Contact us today for a free quote.
Request A Quote
Get help or a quote from a licensed financial professional. This service is free of charge.