Universal life insurance coverage is designed to serve as both protection and savings vehicle. The coverage gives you the flexibility to adjust your premium payments up or down. Depending on your financial situation, this could be very helpful when you are self-employed or have a fluctuating income stream. You can even skip a payment if necessary without having to pay penalties.
Universal life insurance coverage lets you take control of your policy, and allows you to make things simple on yourself. For instance, you can pay first and final premiums with a single check and avoid additional charges for sending multiple checks. Furthermore, there’s no need to bother about notices or bills as the insurer sends them directly to you which can result in a more efficient communications process.
With Universal Life, you get to decide on the amount of premiums. You can choose from low, medium or high premium payment options depending on your budget and financial needs. This can also help you plan for future expenses such as children’s education fees and retirement savings. In this way, universal life insurance coverage can help you save for the future while insuring your loved ones in the event of your early demise.
When it comes to flexibility, universal life insurance coverage can't be beat. The best part is that should the insured experience a boost to his/her income or should their financial circumstances improve, they could always adjust their premiums downward. However, if the situation should worsen, they can just as easily increase their premiums.
Universal life insurance coverage is by far one of the most flexible forms of life insurance available today. It's designed to be both an effective savings vehicle and a valuable source of protection for your loved ones.