A Universal life insurance policy is designed to provide lifetime insurance protection.
This type of insurance policy is one type of permanent life insurance. With a permanent policy, the insurance is designed to last as long as you pay the premiums. Whole life insurance guarantees this lifetime protection. Universal life does not have these guarantees but there are now universal life policies where you can add a feature that guarantees that the insurance will last the rest of your life. We can tell you more about that and give you quotes for this by using the navigation for quotes on the left.
Permanent insurance policies are designed and priced for you to keep over a long period of time. If you don’t intend to keep the policy for the rest of your life, this may be the wrong type of insurance for you. If so, it may be better to consider term life insurance or return of premium insurance.
The two main types of permanent life insurance are whole life and universal life. These have a feature known as cash value or cash surrender value. Term insurance policies do not have cash values.
Universal life (or whole life) covers an event that’s certain to happen; one’s death, while term covers you for the possibility of you dying during the term period.
A term life policy is sometimes renewable (you can keep it but at a price that reflects your older age). At some point, as you get older term goes up in price and may become too expensive for you to keep.
0 comments:
Post a Comment