Life Insurance
Unfortunately, life can be too short for some and death is very hard for those left behind.
Not being prepared for an unexpected death with the right North Carolina Life Insurance protection can make it far worse.
Call 866-869-3335 To Get the Right Universal Life Insurance For You at the Lowest Cost!
If you are considering permanent life insurance versus term life insurance, universal life insurance may be right for you. There are many added benefits to universal life insurance over another type of permanent life insurance, whole life insurance.
What is Universal Life Insurance?
Universal life insurance provides a cash value feature and is designed to provide life insurance protection for your lifetime, but there are some other features that you should know about before your decide on what type of life insurance policy is right for you including guarantees, flexibility and affordability.
Guarantees– Although universal life insurance does not specifically guarantee you will have the full amount of life insurance for your lifetime or the cash value will grow at a certain rate, there are typically minimums guaranteed by most life insurance companies. Some universal life insurance policies will guarantee the death benefit for 10,15 or 20 years for example and some will guarantee a minimum interest rate for so many years.
This is where talking with an agent that offers universal life insurance policies from many companies makes good sense. Most life insurance companies offer multiple options as well. By discussing your goals, we can shop the marketplace to find the right policy to meet your individual life insurance goals.
Flexibility– With universal life insurance, you have complete control of how much you pay in premiums. The more you pay, the more cash value in the policy will grow and the longer the policy will last. The less you pay, the lower the cash value and term. This can also affect the amount of death benefit as well.
Cash value, length of coverage and death benefit are perpetually adjusted as you make your premium payments. You control this since the cost of the life insurance is paid from your cash value.
Affordability– Universal life insurance is cheaper than whole life insurance because the insurance company doesn’t provide the same guarantees. This reduces the risk of lower performance from the life insurance company’s investments and places more of the risk on you.
So, who should consider Universal Life Insurance? If you have any of these needs, UL may be your best choice:
Estate Protection From Taxes and Debts
- Mortgage Payoff
- Final Expenses
- Charitable Gift
- Business Succession
- Key Man or Key Person
- Executive Bonus
There are risks involved with universal life that should be considered. You should discuss these risks and the benefits with a North Carolina licensed life insurance agent. Plus, you can learn whether universal life is right for you.
Call our office today and let’s help you decide on the right type of life insurance that will meet your needs. We can also shop North Carolina’s top life insurance companies to find you the best protection at the lowest cost.