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Universal Life Insurance Plans
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This type of insurance is also known as permanent life insurance. It consists of a contract between the insurance company and an individual wanting insurance coverage. This contract states that the individual wanting insurance must pay a premium amount set to receive insurance. Universal life insurance is permanent life insurance that includes an investment savings element and low premiums, which are quite similar to term life insurance. Many universal life insurance policies consist of a flexible premium option. However, some universal life insurance plans consist of a single premium or fixed premiums.
Universal life insurance ensures to offer more flexibility than whole life insurance. This means the individual purchasing the insurance can adjust their premiums along with their death benefits. All universal life insurance plans consist of two essential components: the cost of insurance and a saving component known as cash value.
This cost of insurance is the minimum amount of a premium payment required to maintain the policy. COI consists of several items rolled together into one payment. The cost of insurance includes the charges for mortality, policy administration, and other expenses associated with keeping the policy active.
Just like a saving account, universal life insurance policy can also accumulate cash value. Therefore, the individual who holds the insurance policy can access a portion of the cash value without impacting the guaranteed death benefit.
We understand that insurance policies can be quite confusing, so we have summarized the key factors to keep in mind below:
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“Lee has done a fantastic job of helping many of my clients with all of their Medicare needs! He is very sharp and knows all of the ins-and-outs of Medicare. Joining Medicare can be challenging if you’re trying to do it all on your own. Lee will walk you through all of your options and customize a plan that fits your individual needs. He takes the time to explain and answer questions and you can tell he loves what he does. Highly recommended to help you in all of your Medicare needs!”
– Vela T via Google
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We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options.
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