The main benefits I see in Universal Life insurance are:
A. The ability to purchase guaranteed permanent coverage at the least possible premium in policies that are designed for that purpose (because of minimal to no cash value), and
B. Flexibility. You can increase the premium, dump in cash, or reduce the face amount to make this one Universal Life policy a vehicle that can meet the life insurance needs of a family for a lifetime.
Founder, Abrams Insurance Solutions, Inc., San Diego, CA
Universal life offers many benefits, including:
Guaranteed death benefit as long as premiums are paid
Flexible premiums - pay the minimum to guarantee the death benefit or pay more the minimum to accumulate cash and take advantage of the tax treatment of life insurance
Design policies to last as short, or as long as you like
At older ages, sometimes a Universal life policy can be more cost effective than term
Indexed Universal Life insurance can be a great vehicle to save for retirement, college funding, or any other future money needs
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A. The ability to purchase guaranteed permanent coverage at the least possible premium in policies that are designed for that purpose (because of minimal to no cash value), and
B. Flexibility. You can increase the premium, dump in cash, or reduce the face amount to make this one Universal Life policy a vehicle that can meet the life insurance needs of a family for a lifetime.
Guaranteed death benefit as long as premiums are paid
Flexible premiums - pay the minimum to guarantee the death benefit or pay more the minimum to accumulate cash and take advantage of the tax treatment of life insurance
Design policies to last as short, or as long as you like
At older ages, sometimes a Universal life policy can be more cost effective than term
Indexed Universal Life insurance can be a great vehicle to save for retirement, college funding, or any other future money needs