Universal Life Insurance

Universal Life Insurance

Universal life insurance offers unique flexibility in the insured’s policy options. Universal life Insurance consists of two parts: a cost of insurance (COI) and a saving component, commonly referred to as cash value. The COI is the premium amount required to maintain the policy. The amount of money paid over the premium is added to the cash value and accumulates as you continue to pay each month. Overtime, the COI will increase and begin to subtract the increased costs from the cash value; therefore, depleting your cash value until you begin to pay the increased premium and continue to invest into the cash value.

Another positive aspect of universal life insurance is that you do not have to pay more than the COI each month unless you want to contribute to the saving option to earn interest. Interest rates will vary across carriers, so speak with one of our agents to secure the best investment option on your universal life insurance police today! Universal life also offers the opportunity to borrow from your accumulated cash value without tax obligations; however, interest will be calculated on the loan amount, and a cash surrender fee will be charged.

Sheally Insurance Group provides no-cost, comparative quotes from multiple insurance carriers to offer you the most affordable rates and the best coverage on the market. See how much Sheally can save you by requesting a quote today!

Guarantees and protections are subject to the claims paying ability of the issuing insurance company.

 


 

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