What is so good about Universal Life Insurance?


Just about everyone has heard of whole life or term life insurance at some stage in their life, however, have you ever heard of universal life insurance? To many people, universal life insurance is like a hidden gem of the life insurance industry. Just because you haven’t heard that much about it, that doesn’t necessarily mean that it’s any worse than the most well-known monumental life insurance policies. Here are some points on why universal life insurance is so good:

Debt – With most life insurance policies, only your personal debt will be paid off when you die. This means that if you’re a business owner or whatever you’ll end up leaving your family with a lot of debt to pay off. However, with a universal life insurance policy this doesn’t happen since it covers both your personal and business debt. This can be a massive benefit to you and your family if you have large debts in any kind of business and so on.

Expenses – Universal life insurance covers just about any expense that you can think of when a person passes away. This includes funeral and burial costs, bills, debts etc. There are very little other policies which will leave your family virtually debt free but with this type of life insurance policy that’s exactly what you get!


Business Advantages – If you currently own a business it might be a good idea that you have a good think about getting a universal life insurance policy. With this policy you can prevent your business suffering due to the death of an important employee. So let’s take an example of this: You own a large business that is making $100,000 each week, but after someone that’s high up in the company dies the company is only making $70,000 a week. If you had universal life insurance in this instance, you wouldn’t be left out of pocket.

Interest – Everyone likes earning something on their cash. With this type of policy that’s exactly what you do. You’ll earn interest on your investment and these will be added on top of the amount that you invest in to the policy each year (usually at the end of every year).

Flexibility – Universal life insurance is definitely one of the most flexible types of monumental life insurance that you’ll ever be able to get. You have full control over how much your premium will be and in most cases you can even change this if you need to. With other polices such as term life insurance you’re stuck paying the same amount for a fixed period of time, usually many years.

Withdrawals – If you ever need some money to pay off something such as a gas leak in your home you can take some money out of your investment. Of course, it’s a good idea that you try your best to pay this amount back as soon as possible, but you don’t have to. Every monumental life insurance company will allow you to do this a few times a year; the number of withdrawals or loans that you’re allowed to take out depends on which company you’re dealing with. For this reason you might want to get in contact with a few companies and ask about how many times you can do this every year since this might play a big role in your decision as to which company you’ll take out the universal life insurance policy with.