There are two main types of permanent life insurance: whole life and universal life.
With whole life insurance, the premiums never increase and the death benefit never changes, with cash value building up over time. This provides stability, but the premiums can be very expensive. Many young families cannot afford this kind of coverage and are better off with a different type of policy. Over the years, our agency has found that certain types of universal life policies can be more affordable than whole life policies without sacrificing stability and security.
So what is universal life insurance? Basically, it’s a more flexible form of permanent coverage. The policy owner has the freedom to change the premium and coverage amounts based on how much they can afford to pay and how long they want the coverage to last. Instead of paying a fixed premium for your entire life, you can pay more or less depending on how your financial goals change over time.
Our agency specializes in providing the best universal life policies, particularly indexed universal life and guaranteed premium universal life. Here are some of the benefits that make these types of policies attractive:
Indexed universal life insurance
- Cash values are invested in stock index accounts
- Moderately high upside with no risk of loss due to stock market decline
Guaranteed premium universal life insurance
- Guarantees that premiums will not increase for a specific period of time, or for life
An indexed universal life policy with a ‘premium guarantee’ rider is often a better alternative to whole life insurance. It is usually cheaper, more flexible, offers the same level of stability, and the cash values can accumulate more rapidly.
To speak with an agent and discuss permanent insurance, give us a call at 1-866-365-6558.