Universal Life Insurance
What is Universal Life Insurance?
Universal life is a permanent insurance product in which the internal policy charges and interest crediting components are specifically broken out separately in the policy. Universal life insurance cash value is dependent on the investment returns credited. With certain limits, the policy owner can choose the premium he or she wishes to pay and this determines how the policy values develop. The policy owner benefits from current investment and expense experience.
Each policy month, a monthly deduction to cover the cost of the insurance protection is deducted from the policy value. Transamerica was one of the first major companies to develop and promote universal life insurance.
The Advantages of Universal Life Insurance
Flexibility of payments, tax-deferred cash value accumulation, and coverage options (subject to contract requirements) are the primary advantages over term insurance. Because of these advantages, universal life can be used in estate planning and retirement planning, offering the policy owner a variety of options.
Universal Life – New York
New Yorkers can get a universal life insurance policy that offers the protection you’re looking for in a permanent life insurance policy and the flexibility you need to adapt to a lifetime of changes.
Contact us and let Wayne Direct help you determine which type of life insurance policy may be right for you.