If you surrender a universal life insurance policy, that ends the coverage and you will receive the cash value, minus any surrender charge. You can take money out of cash value via a withdrawal or policy loan. It typically offers a cash value component. Universal life insurance can be in force for the rest of your life (assuming you make the premium payments). Or you may be able to increase your death benefit amount, but you will likely have to go through further underwriting (questions about your health) to get an increase. That means you can lower your death benefit if your need for life insurance decreases over time. You can also adjust your death benefit amount. This is a valuable feature if your cash flow is variable. Universal life insurance-also known as adjustable life insurance- is distinguished by the ability to adjust your premium payments. There are a few types of universal life insurance and it’s important to understand the differences before you purchase a policy. Indexed universal life and variable universal life insurance also offer the chance for larger cash value growth. Universal life insurance is a type of permanent life insurance that offers the ability to adjust your premium payment amounts (within certain parameters).
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