Universal Life Insurance
Universal life insurance is a type of permanent life insurance providing low-cost life insurance coverage (like term life) to protect dependents, while offering an investment opportunity (like whole life) to grow their savings and net worth.
The flexible death benefit, savings, and premiums of universal life insurance make it a good fit for many families and TheLifeInsuranceQuote.com provides consumers the ability to instantly compare free universal life insurance quotes to find the best insurance company with affordable rates and policy. Because of this flexibility, universal life insurance is also known as “Flexible Premium Adjustable Life Insurance”.
State laws require that people insure their cars, and mortgage companies require homeowners to insure their homes. Common sense mandates that we protect our financial assets with insurance, but many people fail to insure their most important assets – their lives.
Why Choose Universal Life Insurance?
Universal life insurance is a hybrid, combining some of the advantages of both term life insurance and whole life insurance. Although the premiums are usually higher than those of term life, the policy has a cash value like whole life and can be used to save for retirement or expected future expenses like college. Universal life premiums are invested in the stock market so the investment has a slightly higher risk than whole life insurance, but it also has the potential for higher returns on the investment and significant growth.
Though universal life insurance rates may be slightly higher than term life insurance rates, the increase in premiums can be offset by the greater financial security and nest egg that may build over the years as a policyholder nears retirement. Learn more about the pros and cons of universal life insurance.
Universal Life Insurance Rates
Both whole life insurance rates and term life have fixed monthly payments, but universal life has a minimum payment, making it more flexible. Amounts over the minimum payment are diverted to the investment portion of the universal life insurance policy. If a policyholder is unable to make premium payments, the premiums are deducted from the cash value of the policy until it is exhausted. This provides extra security since missing a few payments due to an unexpected financial crunch doesn’t mean the policy will be cancelled or voided.
Universal Life Insurance Policy
The amount of the minimum monthly premium will depend on the amount of coverage, the age, current health or physical condition, and the lifestyle (smoker, regular exercise, hobbies) of the insured person. While universal life insurance is more expensive than term life insurance, which has no cash value, it is much more affordable than whole life insurance, which does have a cash value.
Shopping for the best universal life insurance rates can make universal life an affordable alternative to whole life insurance, and it provides the value of a financial instrument. Shopping around for online quotes can help consumers find a cheap life insurance policy fit for their needs.
Universal Life Insurance Quotes
Consumers who have auto insurance, home insurance and other policies with a single insurance provider should consult their carrier about rates for universal life insurance. Many of the best life insurance companies offer customer loyalty discounts, sometimes up to 20%, for every additional policy that is purchased by an insured person.
Consumers can enter their zip code to compare universal life insurance quotes and find the best, affordable policy. Rate comparisons of their current insurance company with the rates of other top life insurance companies can help policyholders evaluate which company offers the lowest minimum premiums with the best policy terms.
Getting free universal life insurance quotes for universal life is much easier than it used to be. At TheLifeInsuranceQuote.com, we offer multiple universal life insurance quotes from top-rated insurance companies. Simply enter your 5-digit zip code in the box provided above to instantly find out whether universal life insurance offers the protection you need, at a price you can afford.
