Universal Life Insurance

Submitted by Insurance Maze on Sat, 03/08/2008 - 18:33

A Universal Life Insurance policy can be a valuable addition to your life insurance program if it is property designed and properly funded.

Have you ever purchased a universal life insurance policy and cancelled it because the policy didn't perform as you had expected?

Posted: 05 Jun 2008 04:27 Post Subject:

In our country, we stop selling universal life insurance policies. Universal life insurance cost lower compared to other insurances. If I have that kind of insurance, I will not cancel it. It is an added financial protection for me, in the case something bad will happened.

Posted: 26 Aug 2014 02:40 Post Subject: CASH FUND VALUE

HOW LONG IN THIS POLICY GOOD FOR

Posted: 28 Aug 2014 07:06 Post Subject:

No one can answer your question, Shirley, based on the lack of information provided. If you need an analysis of your life insurance situation, I will be happy to do that for you. Contact me.

Posted: 07 Oct 2014 10:33 Post Subject:

Universal life insurance is a type of permanent life insurance. It is also used to combine 2 important aspects of financial planning and as a savings element. It provides more flexibility than whole life insurance.

Posted: 07 Oct 2014 05:15 Post Subject:

It is also used to combine 2 important aspects of financial planning and as a savings element

And, pray tell, what would those "2 important aspects" be?
Universal life insurance is no more "permanent" than a person's ability to pay premiums. And the unfortunate thing about Universal Life insurance premiums is that the monthly Cost of Insurance rate goes up every year, without fail. Which simply means that UL policies have the flexibility to result in completely unaffordable premiums in the future . . .something most agents who sell the product either do not know, or if they do know, they conceal this fact from their clients.
Universal Life insurance can work for those willing to pay much more than the initial premium recommended by the agent who plugs a few numbers into some illustration software program.

Posted: 10 Oct 2014 07:36 Post Subject:

No, I have not tried any universal life insurance yet. But I am interested to get answer for same. I heard it is a type of permanent life insurance.

Posted: 10 Oct 2014 05:59 Post Subject:

The words "permanent" and "temporary" as applied to life insurance are misnomers perpetuated by insurance companies and agents.

There is cash value life insurance, in several flavors, and there is term life insurance, also in several flavors but with no cash value, and term contracts typically do not last to age 121, like newer cash value contracts.

Both types of contracts are only as "permanent" as the owner's ability and willingness to pay premiums. Do some people need to continue their life insurance after age 90 or 95? Yes, and if that's true, then term life insurance will not be the best solution. And neither will any form of Universal Life either, unless a person has the ability and desire to manage the policy properly from Day One.

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