The same companies that carry Term Life Insurance often carry Universal Life Insurance, and most agencies that sell Term also sell UL. When purchasing online, you will want to work with a licensed agent who has some experience, so they will understand the in's and out's of Universal Life.
There are several types of Universal Life Insurance.
Guaranteed UL allows you to lock in a level premium that will guarantee the policy to pay the death benefit to a certain age. This guarantee might be 20 years from now; it might be to age 121, or something different. It is important to select a guarantee to avoid the problems Universal Life presented in the past, when people bought while interest rates were high, and their policies started lapsing much earlier than anticipated when interest rates dropped.
There are also many Universal Life policies that do not have "no lapse" guarantees. How long your coverage last relies on what the interest rate and cost of insurance are at any given time.
Variable Universal Life allows you to invest in the stock market, with the potential for more growth (and more loss) than other UL policies.
Indexed Universal Life allows you to take advantage of some modest gains by allocating premium to equity index accounts. While it does not have as much cash growth potential as VUL, it has much more protection from losses.
Added to these are Survivor Universal Life policies off all types. These cover two people, and pay when the second person dies.
Again, you'll want to use an experienced agent when you buy UL. There are many knowledgeable agents on this website who can help you.
That is a great question! Most companies that sell term and whole life insurance will also sell universal life insurance policies. I'd like you to really make sure that you understand how these policies work before you purchase one, though. these are not simple, straight forward policies like term or whole life policies are. They are complicated, and have much greater risk than the other two. Look at what the rates of advertised returns are, and ask the agent what the historical returns have proven to be - if they don't know, or seemed surprised you asked, bail. Contact me, if you'd like more information on why this may or may not be a good fit for you, okay? Thanks for asking!
President, Lane Independent Agency, Southern California
Premier Financial Alliance sells Equity Indexed Universal Life Insurance. In my opinion, it is the very best kind of Universal. It goes up when the market goes up, but does not go down when the market goes down. It locks in your gains. It can very far surpass the value of virtually all regular universal policies, while also providing full living benefits! GARY LANE, garylane@cox.net, 714 422 9616. Thank you.
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There are several types of Universal Life Insurance.
Guaranteed UL allows you to lock in a level premium that will guarantee the policy to pay the death benefit to a certain age. This guarantee might be 20 years from now; it might be to age 121, or something different. It is important to select a guarantee to avoid the problems Universal Life presented in the past, when people bought while interest rates were high, and their policies started lapsing much earlier than anticipated when interest rates dropped.
There are also many Universal Life policies that do not have "no lapse" guarantees. How long your coverage last relies on what the interest rate and cost of insurance are at any given time.
Variable Universal Life allows you to invest in the stock market, with the potential for more growth (and more loss) than other UL policies.
Indexed Universal Life allows you to take advantage of some modest gains by allocating premium to equity index accounts. While it does not have as much cash growth potential as VUL, it has much more protection from losses.
Added to these are Survivor Universal Life policies off all types. These cover two people, and pay when the second person dies.
Again, you'll want to use an experienced agent when you buy UL. There are many knowledgeable agents on this website who can help you.