If your universal life insurance policy is using the cash value of the policy to supplement what you are paying in premium each month, just to keep it in effect, you will need to decide whether to keep or drop your policy.
One of the factors to consider in making that decision is how much longer you need life insurance coverage. You can ask for an illustration to see how much longer your policy will stay in effect while staying on that same path. You also must consider how much you are willing to pay to make it last longer. You can also get an illustration asking how much more premium you would need to pay to make it last "x" number of years.
Generally speaking, if you need the policy for many more years, and if you are able to qualify for a new policy, it may be in your best interest to take the cash value that you have and apply it toward a new Universal Life with a no lapse guarantee. If you don't need the policy for many more years, it may be best to keep it. Contact a respected agent to help you see your options and make a sound decision about whether or not to drop your universal life policy.
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One of the factors to consider in making that decision is how much longer you need life insurance coverage. You can ask for an illustration to see how much longer your policy will stay in effect while staying on that same path. You also must consider how much you are willing to pay to make it last longer. You can also get an illustration asking how much more premium you would need to pay to make it last "x" number of years.
Generally speaking, if you need the policy for many more years, and if you are able to qualify for a new policy, it may be in your best interest to take the cash value that you have and apply it toward a new Universal Life with a no lapse guarantee. If you don't need the policy for many more years, it may be best to keep it. Contact a respected agent to help you see your options and make a sound decision about whether or not to drop your universal life policy.