“”
Speak With An Expert Today
Teton Medicare LLC > Universal Life Plans

Universal Life Insurance - Idaho

Local Medicare Resource | Free Consultations | Offices in Idaho Falls and Pocatello | Licensed in 10 States

It can be quite confusing to determine which insurance plan would best for you. Since there are several options available, one might find it difficult to understand which one would be the best option. If you’re looking to find out what universal life plans are, you’re in the right place. We have broken down everything there is for you to know regarding universal life plans.

What Are Universal Life Plans?

couple - survivorship universal life insurance coverageThis type of insurance is also known as permanent life insurance. It consists of a contract between the insurance company and an individual wanting life 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.

How Do Universal Life Insurance Plans Work?

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.

Key Factors To Keep In Mind

We understand that insurance policies can be quite confusing, so we have summarized the key factors to keep in mind below:

  • Universal life insurance is a type of permanent life insurance that includes an investment savings element along with low premiums
  • Universal life insurance requires a minimum amount of premium payment to keep the policy active
  • Beneficiaries of the insurance holder only receive the death benefit
  • Universal life insurance has the advantage of accumulating cash value

Get Your Personalized Comparison

Step 1 of 2

This is a solicitation for insurance, a member of our team will contact you to discuss your Medicare questions.

“Lee has done a fantastic job of helping many of my clients! Highly recommended to help you in all of your Medicare needs!”

Vela T via Google

Ammon Location

Corporate Headquarters

Idaho Falls Location

Walk-Ins Welcome

Pocatello Location

By Appointment Only