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Universal Life Insurance

Universal Life Insurance is a flexible premium life insurance policy that a consumer can structure to meet certain particular situation. Universal life policy owners can determine what they pay in premiums, paying more one month and decreasing the next as their income goes up or down, as long as they pay enough, or there are sufficient policy values to pay for the monthly charges that keep the life insurance policy in effect. Most people find it more convenient to pay a planned premium on a regular basis.

Quite a few universal life insurance policies offer death benefits options, such as death benefits that pay more each year or the ability to reduce the amount of death benefit in the future if needs change.

A good way to structure a policy might be if you need additional life insurance during the time you are raising children, you can structure the death benefit to be the same at a certain level for, say, 20 or 25 years. At the end of that period, you can lower the death benefit to something more suitable for that time in your life. If you need help choosing a plan, please Contact Sun Coast Legacy Advisors about your options and to find out if universal life may be right for you.

What is Universal Life Insurance?

Universal life insurance is a kind of permanent life insurance that will give you lifetime protection as well as features that offer flexibility as needs change over your lifetime. Universal life insurance offers you the freedom to raise or lower your policy’s death benefit to take care of your individual needs. Policies have minimum and maximum premium amounts that you must meet to keep your coverage, but the due dates of the payments can be flexible.

Universal life insurance has optional riders, available for an additional cost that could possibly help with things like long-term care expenses and life insurance coverage for a spouse or children. All life insurance provides an income tax-free death benefit to the policy’s beneficiaries. There are way to make sure that the death benefit are likely to be excluded from your taxable estate.

Universal life insurance also offers tax-deferred accumulation, which lets your earnings grow income tax free. Federal tax laws are hard to understand and subject to change. The information explained here is based on current understanding of the law. You should contact your attorney or tax advisor if you need answers to specific tax questions. If you’re thinking about buying universal life insurance, please keep the following points in mind:

  1. Loans and partial withdrawals reduce both the cash value and the death benefit payable to your beneficiaries, and might cause the need for more premium payments to the policy.
  2. If your policy lapses with an outstanding loan, it will be treated as a distribution and part of the amount may be taxable.
  3. Not all riders and features are available in all states and most riders have an additional cost.

Term life insurance? Whole life insurance? How do you know which type of insurance is right for your lifestyle? Come work with the professionals at Sun Coast Legacy Advisors and let us help you determine if universal life is the right product for you.

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