Universal Life Insurance
Universal Life Insurance is what makes our job fun! It may seem overwhelming to some people, but this is where we shine.
The most important aspect about Universal Life Insurance is that it is permanent. Always keep in mind:
"Term Insurance protects you if you die; Universal Life Insurance protects you when you die."
The second aspect about Universal Life Insurance is that it is flexible. It is flexible in every sense of the word. You have flexibility in choosing a life policy that runs to age 85, or all the way to age 121. You can choose a life policy that is more focused towards building cash values to supplement your retirement income, or you can choose one that focuses more on purchasing sufficient coverage for your beneficiaries. If funded properly, you may choose to skip out on paying some premiums, or even stop paying altogether. You will have the flexibility to withdraw or borrow cash from your Universal Life policy. You can pay premiums to age 100, or have the policy completely paid for in 5 years.
Universal Life Insurance is a one year renewable term. You start by paying premiums in excess of the current cost of life insurance. The excess premiums that you are paying are your cash values. Those cash values are credited with interest. The interest credited is determined by the insurance carrier and the type of universal life product that you choose. Eventually, you will reach a point in which the cost of life insurance is higher than the premiums you are paying. The cash values that you have accumulated with interest over time would help cover that difference. And this is how you maintain permanent coverage to ages where the cost of life insurance is extremely high, such as 90, 95, etc.
Soler Life Insurance provides the following types of Universal Life Policies:
- Current Assumption UL
- Indexed UL
- Guaranteed UL
- Second-to-Die UL (for estate planning)
It is very important to work with experienced life insurance agents, and to ask a lot of questions. Our clients are family. We strive to be friendly, helpful, and accessible to you. We want you to ask us questions because we enjoy providing you with the right answers. So please do.
We are ready to assist you in obtaining the proper coverage. [email protected]
Our first conversation would consist of how much coverage you need, for how long, and your budget. Our second conversation would consist of us providing you with different illustrations that meet your needs.