Almost everybody take some necessary steps in life to protect their family from the uncertainties of life. Some things in life are inevitable. One such thing is death and this unfortunate thing can happen to anyone, at any point in time. In such a situation, your family members need to have financial security so that they can sustain their lives conveniently after your death. Life insurance is a solution to all these uncertainties. With the help of life insurance, you can be at ease regarding the security and protection of your family after your death.
If you wish to opt for universal life insurance, it is better for you to know the pros and cons of it, so that you can determine if it is right for you and your family.
What is Universal life insurance?
Universal life insurance is a kind of permanent life insurance. The insurance company invests a portion of the premium that you pay and usually guarantees at least a four percent return on it. It is considered to have the most flexible options compared to other life insurance policies.
Benefits of universal life insurance:
Some of the benefits of universal life insurance are:
• It provides protection in case of death, as well as a savings or a cash value component.
• With the help of universal life, you can have more control over your money as it offers flexibility in the amount and timing of premium payments.
• You can generally increase or decrease the face amount if you opt for universal life insurance.
• You also have the opportunity to withdraw money or take a loan from the savings portion of the account.
• It allows you to decrease or increase your death benefit as per the circumstances of your life.
You will derive all the above mentioned benefits of universal life insurance if you will choose the policy wisely.
