Universal life insurance is lower-cost, flexible, permanent life insurance that offers a savings element, which can be invested to build up cash value. As your life circumstances fluctuate, the premiums, savings component, and death benefits can be reviewed and changed. Our agent at Medical Solutions NY in Lynbrook, New York, can recommend a universal life insurance policy that works to protect your family and for your budget.
How Universal Life Insurance Works & Benefits
- Universal life insurance provides more flexibility than whole life insurance.
- The insurance company breaks the premiums into two categories: the insurance cost and the cash value, or savings component.
- Premiums over the minimum cost of the insurance accumulate as cash value.
- The policy is guaranteed for the entire term, as long as the minimum cost of the insurance is covered one way or another through paid premiums or cash value.
- Policyholders can borrow against a portion of the cash value without affecting guaranteed death benefits and with no tax implications.
Our local agent at Medical Solutions NY can help you find the best value and coverage for your money.