Why Should I Get Universal Life Insurance?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    A universal life policy gives you flexibility that isn’t available in other “permanent” policies.  You can alter the premium.  This is because the universal life policy transfers the responsibility for providing sufficient reserves to keep the policy in force from the company to you.  Many companies provide a separate fund for their universal life policies but it is your premium deposits that determine how long the coverage will last.  If you don’t deposit sufficient premium dollars in the plan it will terminate.
    Answered on March 25, 2014
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  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Jason hit the nail on the head. Another reason to get Universal Life is to have one policy that can be adjusted to last the rest of your life. Universal Life is very flexible, allowing you to adjust the premium and face amount whenever you want. These actions can also affect the longevity of the policy and cash value in it. Therefore, as your family's needs change, you can use your universal life policy to accommodate them.
    Answered on March 25, 2014
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