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Category Archieve: Life Insurance Blog
  • Oct-01-2012
  • Richard Reich

Protecting the financial future of your loved ones just in case something happens is the primary purpose of owning a life insurance policy. There are several varieties available in the national coverage market, but today we’ll be talking about a particular product that has some special benefits over other types: universal life insurance.

Many Americans turn to this type of life insurance plan because it essentially has two purposes. The first is familiar to most: a coverage policy that triggers a payment when the insurance-holder dies. Designated beneficiaries receive payment after the normal claims steps are completed by the family or their legal representative.

The other component of universal life insurance functions somewhat like a tax-deferred savings account. Premiums the policy owner pays go into an account to build what is known as cash value. Here’s where this type of coverage can be especially beneficial. By utilizing universal life insurance, individuals can predetermine how often payments are made into this account. Fees and charges for the policy are automatically withdrawn from the cash value account, and as long as the build-up of funds is sufficient, policy-owners can go on with their lives without worrying about making payments.

Because the cash value of the policy is based on the contributions you elect to make, you have the option of adjusting the level of coverage as time goes on. For example, if you felt that coverage needs were going to increase over time, you could simply pay more in premiums.

Universal life insurance is a great product for those who want more flexibility in their coverage options. By choosing to invest money and time now, you can be sure that, if necessary, your loved one’s financial future will be safe.


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    • Intramark Insurance Services, Inc., Insurance Services, Glendale, CA

    • Intramark Insurance Services, Inc.