Recruiter/Manager, Cole Insurance Investments, Charlotte N.C.
The average premium for universal life insurance ranges from 120- 300 a month in most cases but that will depend on your health and age. Just keep in mind this product can perform really good for you over a period of 10,15,20 years because of the savings side of the policy which you and your agent will be able to determine with a needs analysis. One part of the premium will be the cost for say 200k in face value in case of death and the other part will be for retirement or whatever your goals are. Life insurance has changed since our parents purchased theirs and these policies are indexed to the s&p 500 at no risk of losing your principle and interest rates as high as 6- 12%. The mind blower to this one is tax free when you take yearly contributions.So I have a policy and my spouse has a policy also my three grandchildren will have a policy also this will help with their college I am the owner this puts them in a class to also get state and federal help also don't put the accounts in their name they will not qualify for assistants if so.
Universal Life Insurance that is guaranteed not to lapse at a level premium to age 100+ is one of the least expensive ways to get permanent life insurance coverage. That being said, the premiums for any type of life insurance vary greatly depending on the age and health of the applicant, and the same is true for Universal Life Insurance.
With UL, you also have the option to purchase coverage that does not have a lifetime guarantee, which can reduce the premium substantially. Or you can get Indexed Universal Life or Variable Universal Life, which can increase the premium but offer the chance of a return on your money.
The best way to determine the average for someone your age and with your health and tobacco details, is to contact an agency that can shop many different life insurance companies that carry Universal Life. They can help you find the type of policy that suits your needs, while getting you the best premium for your particular risk profile.
There really is not way to tell what the average premium would be. With GUL, you can specify to a certain age, or for a certain number of years you'd want the death benefit and policy to be guaranteed for.
Also, the amount of life insurance, your health history, current health, would all determine what rates are available.
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With UL, you also have the option to purchase coverage that does not have a lifetime guarantee, which can reduce the premium substantially. Or you can get Indexed Universal Life or Variable Universal Life, which can increase the premium but offer the chance of a return on your money.
The best way to determine the average for someone your age and with your health and tobacco details, is to contact an agency that can shop many different life insurance companies that carry Universal Life. They can help you find the type of policy that suits your needs, while getting you the best premium for your particular risk profile.
Also, the amount of life insurance, your health history, current health, would all determine what rates are available.