Why Should I Buy Universal Life Insurance?

  1. 12689 POINTS
    Ted Ratliff
    Owner, SFS Associates,
    Every situation is different.  Universal Life may or may not be the correct choice for you.  The advantages of Universal Life is in its flexibility and greater potential for cash accumulation.  Properly funded a Universal Life can be a great choice for the person who needs life insurance and like the idea of being able to have a competitive saving built in.  The disadvantage comes when a person does not put enough into the policy.  Unless there is enough in the cash portion of the policy to pay the cost of insurance, you can lose the savings portion and the insurance.  Know what you are buying and do not buy solely on perceived cost.  Ask fo a complete illustration before purchasing Universal Life and look at the guaranteed portion, not just the projected.
    Answered on June 25, 2013
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