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What Is Universal Life Insurance?

Universal life insurance is a great way to protect your family if you ever become unemployed or disabled and rely on social security. 

It also comes in handy if you want to fund your retirement. Consult Americas Insurance Associates if you need expert help in Florida.

What the Cover Entails 

Universal life is another type of life insurance that you can purchase as a term or permanent. This type of insurance will last the length of time you select, which can be anywhere from 10 to 120 years. 

With Universal life insurance, the death benefits are paid to the beneficiary’s endowment value. The cover is generally less expensive than term life insurance, as it doesn’t have a set term. 

It doesn’t matter how old you are when you purchase this type of insurance, it’s guaranteed for the length of time you want to buy it. 

The insurance company invests your premiums in a conservative mix of stocks and bonds, which means your money will likely be worth less in 20 years than it is today. 

Typically, this amount isn’t enough to cover the costs of a funeral, so it’s a lot more expensive than buying a single life insurance policy for $100, which would cost about $10. 

The contract holder pays a regular insurance premium for this policy each year. They don’t have to worry about the details of the policy, like if they got sick and didn’t have any coverage. They only have to pay a regular insurance premium each year. 

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Universal life has a bigger term limit, which means it will likely pay out more than the cost of the policy when you eventually need to cash it in. 

If you want something that costs less and has a good chance of paying out more than it costs when you eventually cash it in, then universal life might be for you. For inquiries in Florida, consider contacting Americas Insurance Associates.

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