Permanent protection for your loved ones.

Like all types of permanent life insurance, universal life is best for people who are looking for lifelong financial protection. Unlike term life, which lasts for a set period of time, universal life will never expire as long as you pay the required premiums. While you can expect to pay more than term life insurance, universal life offers a guaranteed way to cover costs like caring for a special-needs child, or to leave a legacy for your family. Universal life also offers the most flexibility of any permanent life insurance policy, making it a good bet for people whose finances may change over time.

Universal life insurance is just one of many types of permanent life insurance policies. Since they all offer guaranteed protection for your entire life and the ability to build cash value, the right choice for you depends on how flexible you want your premiums to be and how you’d like to grow your cash value.

• Universal life insurance: You can pay as much or as little as you’d like on your premiums within a set amount, and your cash value will grow based on a variable interest rate. You can use your cash value to pay for your premiums and change the guaranteed death benefit as needed.
• Whole life insurance: Your premiums and death benefit will stay the same throughout your policy’s lifetime. You’ll accumulate cash value based on a predetermined schedule.
• Variable life insurance: Variable life insurance comes in two forms: a whole life type or a universal life type. The whole life type of variable life insurance has fixed premiums and a fixed death benefit. These policies don’t offer a guaranteed cash value, however. Instead, a portion of your premiums goes into sub-accounts, which you can invest in different options, like mutual funds. Like other universal life insurance policies, the universal life type of variable life insurance offers flexible premiums and death benefit options.

Your policy will mature if your cash value grows to match your death benefit. Many life insurance companies design the plan to mature when you turn 100 years old. When this happens, your insurer will pay you an agreed-upon sum of cash and your coverage will end. If you’d like to continue your coverage, you can take out a loan against your cash value or use your cash value to pay for your premiums. We know this area of life insurance can get complicated, so our agents are ready to help you find the best solution for your needs.

With universal life, you have flexibility in the premiums you pay from year to year. There is a minimum dollar amount you need to pay each year to keep the policy active. Typically, policyholders pay more than these minimum premiums to build cash value in the policy. If you choose to pay a relatively low premium, your required premium may increase at some point, but your premiums will never increase based on your health.

Usually, yes. This exam is free to you and usually includes your height, weight, and medical history. A licensed professional may also take blood and urine samples. Your medical exam results can help determine your universal life insurance rates.

At eFinancial, we work closely with you to make scheduling your medical exam convenient and fast. A little preparation ahead of time can help you lock in the most competitive rates. Get our tips for taking a medical exam here.

Want to learn more? Request your free, no-obligation quote online or call 800-957-9525 to discuss your unique needs with one of our agents.