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.
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:
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!”