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Universal Life Buy It? Why?

April 1, 2017

 

Should you buy universal life insurance?

By Insure.com | Last updated: June 22, 2016

 

 

 

A 2009 study by the Life Insurance and Market Research Association (LIMRA) shows the following results for product market share:

  • Universal life, 41 percent.

  • Term life, 26 percent.

  • Whole life, 24 percent.

  • Variable universal life, 9 percent.

Universal life policies continue to be popular because many offer a guaranteed death benefit coupled with an investment feature, says LIMRA spokeswoman Catherine Theroux, the latter feature which has helped to drive product sales in the past few years.  Read more: http://www.insure.com/life-insurance/universal.html

 

 

How it works

Universal life is designed to be flexible life insurance. As long as you pay your premiums to keep the insurance part of the policy in force, you can vary the frequency and amount of your premium payments. As a result, you can vary your death benefit. For instance, you can decrease your coverage to coincide with your declining mortgage. If you want more insurance, you might need a medical exam, even if you had one when you originally bought the insurance. It depends on your age and the amount of coverage you're buying.

 

 

 

 

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