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Q: What are the benefits of universal life insurance, and what are the possible drawbacks of this type of policy?
A: Universal Life Insurance is permanent insurance that provides protection in case of death, as well as a savings or cash value component. [ The cash value of a universal life policy is based on the amount of premiums you pay, the declared interest crediting rate and the policy charges. Unlike Term Life insurance or Whole Life insurance flexible premium universal life policies permit flexibility
in the amount and timing of premium payments (within limits), and they generally offer you the ability to vary the death benefit amount based on your circumstances. However, some policies include a No Lapse Guarantee that guarantees your policy will not lapse for a specific period of time as long as required premium levels are met. Such policies offer less premium and death benefit flexibility. Universal Life Insurance costs less than Whole Life, and offers more flexibility in the timing and amount of premium payments. In general, there are fewer guarantees with regard to cash value or death benefit. Premium payments are flexible. After initial payment, you make additional premium payments at virtually any time and in any amount (subject to certain minimums and maximums). Note: Policies with No Lapse Guarantees have greater restrictions on the amount and timing of premium payments. Your policy continues as long as there is enough cash value to cover monthly insurance charges or if the No Lapse Guarantee is in effect. Cash value earns interest at a rate set periodically by the insurance company and is generally guaranteed not to drop below a certain level. ]
a_camm|Points 366|
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Asked 9/17/2011 5:20:05 PM
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