Universal Life Insurance

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After weighing all the options for life insurance, you want to opt into a permanent life insurance policy now as you can use the policy to plan for your financial future and also provide your loved ones with a guaranteed death benefit after you pass. If you believe in the power of the masses, you may opt into a universal life insurance policy as 40% of those purchasing life insurance opt for this type (per research conducted by LIMRA, an insurance market research organization in 2006).

Universal Life Basics

Universal life insurance is the most flexible type of permanent life insurance. Policyholders first have to make their initial payments, but they can make premium payments at any time, in almost any amount within a predetermined range of minimums and maximums. As long as you can prove you are in good health, you can increase the universal life insurance death benefit to have a higher payout.

Universal life insurance amounts can have a high payout as not only will there be a guaranteed death benefit to the survivors, policyholders can use the policy as a type of investment. The higher the cash value of the account the higher the payout from the universal life life insurance policy can be.

Universal Life Options

The universal life insurance payout amount is determined by choosing one of two options for setting up the policy. They include:

• Death benefit where the cash value of your policy is used by the insurance company to mitigate the risks they are taking on (in conjunction with mortality tables), allowing the company to lower the mortality expenses of your policy and reduce your premium payments
• The cash value will be added to the death benefit of your policy, which can make your death benefit rise and fall with your cash value (as that is influenced by market trends)

Depending on mortality tables, the cash value you invest in the policy and the amount of death benefit your insurance company will grant you, a universal life insurance policy can have a very high payout amount.

Although you are a planner, you realize that over the course of your life your needs and wants are going to change. You want to have a permanent life insurance plan that can stand up to whatever happens. A universal life insurance plan is the most flexible of all the whole life insurance policies out there, and that may be why 40% of all consumers with permanent life insurance opt into choosing a universal life insurance policy.

A universal life insurance policy will provide you with a flexible plan that can be customized on several levels. You should choose a universal life insurance plan if you are interested in the following:

• Customizing the amount of financial protection the policy offers - you can choose to either raise or lower your death benefit (certain conditions and fees may apply)
• Adjusting your premium payment amount at any time (in a predetermined amount and frequency range), meaning that if your financial situation temporarily changes you can pay the lowest amount due to maintain your account
• Designing your own policy with riders that fits your lifestyle

Choosing a long term life insurance strategy can be especially confusing if you are young and feel like you are choosing something that will not be used for decades. However, by choosing a universal life insurance policy, you can get the benefits of a permanent life insurance policy with the extra flexibility that will be needed in the future.

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