What Is Universal Life Insurance?
Universal life insurance is a type of flexible permanent life insurance offering low-cost protection as well as a savings element, which is invested to provide a cash value build-up.
It is the most flexible of all life insurance plans: it lets you choose the amount of protection you want, increasing or decreasing your coverage as your needs change, and lets you control the amount and frequency of your payments. If you have extra cash, you can pay more and the extra money grows tax-deferred. If you are short on cash, you can pay less and let the policy’s accumulated cash value cover the monthly charges.
If you invest in a universal life policy, plan to keep it for at least 15 years — it usually takes that long before you are eligible for any return on the policy.
Get a Quote from Ethos (opens in a new tab)Not sure which life insurance is right for you? Call Karen at (765) 265-5060 or Angela (765) 265-0800 — they will lay out every option, with the pros and cons of each.