There are two main types of life insurance available, and one of them is universal life insurance in Stuart FL. Those who are considering purchasing life insurance need to be aware of their options so they can make the best choice for their needs. The following offers information on universal life insurance and its benefits.
What Is Universal Life Insurance?
With universal life insurance in Stuart FL, individuals can have the life insurance coverage they need while growing the policy’s cash value. This type of insurance policy gains a cash value as the premiums are paid, and this amount can be borrowed against in the future if needed.
This type of life insurance is a popular choice because it is permanent life insurance and often offers affordable premiums, especially if a person makes their purchase when they are young and healthy.
The type of premium with a universal life insurance policy will depend on the policy that is purchased. Some require a single lump sum premium, while others offer flexible premium options or fixed scheduled premiums.
This type of life insurance coverage offers a higher degree of flexibility than whole life insurance. Individuals have the freedom of being able to adjust their death benefit and policy premiums at any time. When a person pays their premiums, they are paying several costs including charges for mortality, the policy administration costs, and other costs that are required for keeping the policy active and in good standing.
Learn More Today
To get started with obtaining a universal life insurance policy, it is wise for an individual to meet with an insurance agent so they can learn more about the options for coverage. Because this type of insurance policy is more flexible, individuals will find they are able to fix the options according to their needs.
If you are in need of universal life insurance coverage and would like to learn more, browse our website. Here, you can learn more about this type of coverage and the insurance services that are available for you. Call today if you would like to ask any questions in making your purchase.