Universal Life Insurance
Life insurance provides essential financial aid and peace of mind for your loved ones after you are gone. One of the best ways to ensure financial problems do not create even more stress and grief amid an untimely death is by having a universal life insurance policy.
What Is Universal Life Insurance?
There are several types of life insurance for policyholders to consider. Universal life coverage can be an attractive option because it covers the insured for their entire life as long as premiums continue to be paid and other requirements of the policy are maintained. Beneficiaries of a universal life insurance policy will receive a lump sum payout following the death of the insured, which can be integral in paying for medical costs and funeral expenses or making up for lost income.
In addition to your policy’s payout, universal life insurance coverage may also include several other benefits, including:
- Option to withdraw or borrow—Part of your premium payments will build up a cash value for your policy, which may be eligible for you to withdraw or borrow against.
- Interest gains—As your universal life insurance policy gains cash value, it can also accrue interest.
- Flexible premiums—You can decrease or even eliminate your premiums if the cash value of your policy can cover the payments.
- Adjustable death benefits—Some providers may allow you to adjust the amount paid to beneficiaries.
Get the Right Coverage
Universal life insurance provides extensive and flexible coverage to ensure your family and beneficiaries are taken care of after your death. In the midst of grief, the right policy will help to keep monetary concerns from exacerbating an already stressful situation.
Our agents have the expertise to put together coverage that will provide much-needed peace of mind and financial relief. Contact R Hobbs Insurance today to get started.