Universal life insurance is a type of permanent life insurance, which, like traditional term insurance policies, can be purchased from a major insurance company or broker. Under the terms of this policy, the excess of premiums paid over the initial policy amount is credited to an account, with interest credited each month with respect to the premium balance. In the event of the death of the insured, these excess funds are then transferred to a designated beneficiary.
Universal life policies can be obtained from a broker or a large insurance company. They generally come with a higher rate of premium than those purchased through independent agents of individual companies. The difference in these rates is usually due to several factors including the amount of risk that is associated with purchasing a universal life policy versus an individual policy. An independent agent will have many more clients who have selected to purchase a permanent life policy. These clients typically require lower insurance rates and are less likely to change insurers should the rate increase occur.
The biggest reason why it is often more expensive to purchase universal life policies rather than individual insurance policies is that there are no age limits on these policies. Many individuals prefer to purchase these policies at retirement, as they will still be able to collect the benefits of their policy even after the age of 65. There are many people, however, who prefer to obtain these policies early in life, since their premiums can increase as they get older and their life expectancy increases.
Universal life policies can be quite complex and are designed for those who desire to protect their families against financial risk. Some individuals may consider that universal life policies are best suited for individuals who do not have a large family or are married and have children. Most individuals, however, find that these policies provide them with a level of financial protection that can often make their lives easier.
There are some advantages to purchasing universal life policies over term life policies, such as the ability to purchase additional coverage should the need arise. This can help to reduce costs if the person purchasing the coverage needs to have additional coverage in the event of his or her death.
While universal life policies are generally more expensive than term life policies, there are some advantages that outweigh the additional expense that may be incurred by purchasing one. In the end, it is up to the individual to determine whether the cost outweighs the benefits.
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