Universal life is a versatile financial instrument that has applications in estate, retirement and financial planning.
To understand if it makes sense for you an understanding of the product design is needed, A permanent insurance policy has three main components: mortality costs, interest (earnings) and expenses. The amount of premium that you pay is determined by those components.
With a traditional whole life policy the premium is guaranteed and the insurance company manages the components. You simply pay the premium. With a universal life policy the mortality costs and expenses are typically guaranteed. You choose the investment options and within limits the premium level. WIth this flexibility the bottom line is you get to and have to manage the policy.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
That is a great question! Universal Life Insurance makes sense if you want and can do, the following things: Be willing and able to consistently pay more than the minimum payment every month; Be willing and able to monitor the progress of your policy, and its cash reserves and interest rates; and be willing and able to invest in this policy over a significant amount of time. This kind of policy can be a great thing, or a heartbreak in the making, so it is not for the "buy it, make a minimum payment every month and forget about it" buyer. Depending upon what type of person you are, it may or may not make sense for you. Please contact me, if you'd like to discuss specifics, okay? Thanks for asking!
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To understand if it makes sense for you an understanding of the product design is needed, A permanent insurance policy has three main components: mortality costs, interest (earnings) and expenses. The amount of premium that you pay is determined by those components.
With a traditional whole life policy the premium is guaranteed and the insurance company manages the components. You simply pay the premium. With a universal life policy the mortality costs and expenses are typically guaranteed. You choose the investment options and within limits the premium level. WIth this flexibility the bottom line is you get to and have to manage the policy.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.