FAQ: Why Choose Universal Life Insurance?

Posted in Life Insurance , Universal Life Insurance

September 24th, 2009

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.