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You’ve probably heard of both term life insurance and whole
life insurance, and you might even already have one of the two
types of policies; however, were you aware of the advantages and
increasing popularity of universal life insurance before you
decided on a life insurance policy?
Universal life insurance is a personal portfolio of financial
security. Since it offers a wider variety of coverage and options,
it is different from other insurance policies. A universal life
insurance policy can include a life insurance component (whether
term life insurance, whole life insurance, or mortgage insurance),
an investment component (tax-free funds that can be used for needs
such as emergencies or retirement and vary depending on the amount
of life insurance purchased and the length of the life insurance
policy), a health insurance component (which can include general
health or critical illness coverage), as well as additional
add-ons such as disability, accidental death, accidental fracture,
and coverage for family members, all depending on your insurance
company.
Policy variables such as premiums and the insured amount can
usually be adjusted at any time during the life of the policy,
therefore making the universal life insurance portfolio flexible
both at the time of the purchase and throughout the life of the
policy. Because of the wider variety and coverage options
available with different universal life insurance policies, you
can design complete portfolios for yourself and your family, and
you can build financial security progressively, at your own rate,
depending on your own priorities, financial status, and family
situation, all according to as your needs change. Depending on the
insurance company, premium payments can sometimes be reduced or
stopped while maintaining coverage using funds accumulated with
the investment component, and are available at any time depending
on conditions with the selected investment type.
Given the variety of coverage options and flexibility,
considering universal life insurance before committing to another
could be greatly beneficial in the long run.
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Article Source:
http://EzineArticles.com/?expert=Elizabeth_Newberry
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