Universal Life Insurance

Universal life insurance is one type of permanent designed to stay with you for your entire life. Universal life insurance offers more flexibility. A universal life insurance policy has two main features that set it apart from whole life insurance. These include:

• Adjustable death benefits : The death benefit can be increased or decreased at the policy holder’s request.
• Flexible premiums : You can choose different methods of payment for your premium.

A universal life insurance policy has a variety of options to allow you to select the most ideal plan for your individual situation. The policy plans you can choose from include:

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• Basic Universal Life – This comes with a guaranteed but flexible death benefit and a cash surrender value which is tax deferred and accessible as a loan or can be borrowed against.
• Survivorship Universal Life  – This means the proceeds are only paid out when the last surviving person who was insured in the policy dies.
• Joint Universal Life– This means that the proceeds are paid out on the death of the first insured person who dies.
• Variable Universal Life  – This allows you to use the cash value portion as an investment tool for a variety of investment options.
• Index Universal Life – This type of universal life insurance allows you to invest the cash value into an equity index such as the S & P 500 or the Dow Jones.

Premium flexibility is one of the advantages of universal life insurance. Your premium options include:

• Single Premium – This is a one-time lump sum initial payment that pays for the purchase of the policy.
• Fixed Premium – Where specific amount premiums are paid periodically and usually last less than the life of the policy
• Flexible Premium –Allows you to vary the amount of premiums you pay within certain limits.

• Universal life insurance policies and premium rates can vary among the numerous life insurance companies. To find the best plan at the best rates, contact Hartzell Insurance and let us do some comparison shopping. We have access to many different life insurance companies so we can find the policy that is right for you.

The cash value accumulation feature in a universal life insurance policy offers several choices:

• Withdraw a portion of the cash value that you have accumulated to use as you wish
• Borrow against the cash value accumulation; this may be repayable, and interest may apply

Universal life insurance can be an excellent way to protect your loved ones. Its flexibility allows you to alter the death benefits and premium options, and may provide you with applicable investment options. You can set up a policy which is tailored for your specific financial needs with a little help from Hartzell Insurance