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Universal Life Insurance

Universal Life Insurance Policies

Chicago Insurance Advisors

When you are in the market to buy a new life insurance policy, you have the choice to obtain universal life coverage. Sometimes, a universal policy will be part of your employer’s workplace benefits package. Before you do make your decision about purchasing this kind of coverage, you are well-served in learning more about the subject.

A universal life insurance policy provides your named beneficiaries with certain death benefits after your death. This is one of the major reasons as to why this kind of a policy is purchased, but universal also offers extra benefits that other types of policies do not. For example, a part of your premium for universal life is always allocated to a fund that accumulates value over time. The balance of this fund not only increases due to your contributions but also as a result of accumulating interest too. As a result, this kind of a policy is usually considered as an investment.

Keep in mind that such extraordinary features are not cheap and universal coverage is usually a bit more pricey of a life policy, but it offers great benefits that you may enjoy only with this coverage. In addition to the death benefits your beneficiaries can receive, the cash accumulation benefit can be used by you to help you fund your retirement, handle a child's college education, buy a home or meet other goals you might have. As you make a premium payment you will be happy to know that you are increasing the cash balance of your policy fund. This money can be withdrawn at any time or you may allow it to continue to grow for you over time. Because of the additional expense of the premium with universal life policies, this kind of coverage is most useful for those who wish to use their insurance as a way to accumulate a financial reserve as the years go by in addition to the usual benefits of life insurance.

Purchasing a universal life policy can be a terrific investment for many and also an aid in planning out the rest of your life, but note that it is not necessarily suitable for all people. If you have been considering coverage or if your employer offers it as a benefit, you might consider how the death benefits and cash fund can be beneficial to you as the years go by.


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