If you’re like most people, you will purchase life insurance to protect your family if something unexpected were to happen to you. And, of course, that’s exactly what life insurance is for. But did you know that a universal life (UL) insurance policy includes a savings component along with your protection plan? When it comes to your family, protection plus savings gives you peace-of-mind today along with security for tomorrow.
Let’s talk about…what you can do with your UL policy
If you choose a UL policy to protect your family, your payments will cover not only the cost of your insurance and administering your policy, but a portion will also get invested for you to use in the future. How can you use these funds? Well…that’s up to you.
The portion of your premium payment that gets invested on your behalf is called the “cash value” within your policy. You can access the cash value within your policy in many ways. For example, you can take a policy loan, or perhaps you’ll need the funds to cover expenses such as unexpected medical costs. Or, you may prefer to simply let the cash value grow and add it to your income upon retirement.
Let’s talk about…flexibility
Throughout your life, your financial situation may change. Sometimes that change will be good and sometimes it may be stressful. With a universal life insurance policy, you will often have the flexibility to increase, decrease or even skip a payment within the limit of your contract. Plus, you can choose to add extra protection for your family with optional riders.
One question a lot of people have is, “How much life insurance do I really need?” My Insurance View, an easy-to-use interactive calculator, will provide you with a personalized insurance solution that clearly addresses your needs today and into the future.