Universal Life policies provide permanent life insurance, which means that as long as you pay enough in premiums, coverage is in place until one’s death and allows you to access funds while keeping the protection you need in place. For premiums to be enough, they must cover the cost of the monthly deduction (administrative fees + cost of insurance), which can change over time.
If enough premiums are paid, your policy will develop a cash value, which is made up of funds that accumulate over time. The cash value of your policy earns a “current” interest rate which can fluctuate over time, but the cash value will never earn less than the guaranteed interest rate of the policy. These funds can even be withdrawn and used for any purpose during the life of your policy.* Compared to whole life insurance, universal life policies’ cash value carries higher risk and potentially more fees, but can also offer greater earnings potential.
When the time comes, your beneficiaries will receive an income tax-free death benefit†. This important benefit can help ensure the people you love will be able to live comfortably in your absence.
Wondering how Universal Life Insurance is different from Whole Life Insurance? While these products are similar in many ways, there are a few key differences between each of them. Here is a quick comparison chart of these differences:
BetterLife Universal Life Insurance adapts to your changing financial goals while providing the right amount of protection for you and the people you love most. It is available for anyone ages 0 to 85.
You can choose from several payment options, including monthly, quarterly and semi-annual; payments can be automatically deducted from your bank account for simplicity and ease.
We offer single and dual (called our Universal Joint) policies, and a variety of riders can be added for extra protection. Dual policies provide life insurance coverage for two people and pay a death benefit when the first of the two insured members passes away. Single policy coverage amounts start at as little as $25,000 and dual policy coverage amounts start at just $50,000.
To learn more about BetterLife’s Universal Life insurance, visit our website at https://www.betterlifeins.com/life-insurance/universal-life/, or connect with an agent at (800) 779-1936.