Universal Life

Universal Life Policies

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While you may have heard about term life insurance, you may be offered whole or universal life insurance at work. Understanding the benefits that come with a choice of universal life insurance can ensure that you are prepared for those life events that you are not expecting.


Your premiums are paid each month through your employer. The money that you pay in can gain interest and a cash value, which can be borrowed against or terminated to receive the benefits at any time that you need the money. If you do not get cash from the policy, however, the interest that it builds can pay your premiums, especially when you retire.


Should I Purchase This Coverage?


Universal life insurance is right for most anyone. Whether you are single, married, or have a family, this type of coverage offers you a way to save money until or if you need it. Whether you have a death in the family, a job loss, or you want to retire early, this coverage can offer some upfront money.


How Does It Work?


If a life event occurs, you can draw upon the cash value in the insurance account. As long as you leave enough to cover the premiums on the policy, you can withdraw any amount you choose. Paying your next payment starts the building up of cash value all over again. If you leave the money in the insurance account, then it will be paid out to your beneficiaries upon your death. You can save as much as you want. The key is to evaluate your premiums and stick to your budget. Then you can make the most of the benefits of your policy.


Universal life insurance can serve many different purposes. From allowing you to save to protecting your family in the case of your death, a universal life policy can be a great way to save for the future.

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