Universal life insurance policies offer great flexibility for people with changing needs.
Online PR News – 07-July-2011 – – To ensure flexibility in a life insurance product, consider a universal life policy. Choices are appealing to people who want life insurance.
“I’ve spoken to a good number of clients looking for a life insurance product that suits their changing needs over the years. Some have asked about whole life, and while that is good for some people, it does not suit others. And some have concerns about whole life. For instance, what happens if they cannot pay the insurance premium, or want to decrease the death benefit because they don’t need that level of coverage any longer? With universal life, you have flexibility,” said Evan Tunis, president of Next Exit Retirement, Florida.
Another issue to be aware of when it comes to whole life insurance policies is that how the policy works is not transparent to the owner, and furthermore, whole life is not required to be transparent. What that means is that if the person who bought the insurance wants to know the actual cost of the insurance and expenses at any given time, they are not able to get that information. Neither are they able to find out how much their policy earned and where any funds were placed. “With universal life, all of these things are readily available for the policy owner to check, whenever they feel like it,” Tunis said.
Whole life and universal life are permanent life insurance policies and offer a cash payout if the policyholder dies. However, universal life has a cash value that helps the insured meet insurance cost fluctuations as the policy matures over time, along with the policyholder. Other things to consider are any disadvantages and costs involved, as a potential purchaser will want to have balanced information.
“I welcome questions like this anytime,” Tunis said.
“What other things does universal life have that whole life insurance does not? There is actually a very long list of things that make universal life different from whole life, and if you give me a call, I would be happy to explain them to you. It’s not as confusing as you may think, and it’s my job to help you find what you need and ensure the policy you choose, fits your life circumstances,” Tunis said.
In this day and age, people want their families to be protected in the event that something may happen to them. Finding out as much information as possible about the various options on the market is a smart move and will provide the right guidelines for protection that makes sense.