If there is one thing we can count on in life, it’s change. Life insurance is one of the best tools we can use to protect our families when an unexpected death could bring financial difficulties their way.
Due to the ever-changing nature of our lives, choosing a life insurance policy with flexibility ensures that your family will have the right protection at the time they need it. Universal life insurance offers that potential
From marriage to a new home, to children or the loss of a job, a universal life policy can change as your circumstances change and provide effectively for your family in the event you’re no longer with them. A term life policy provides benefits for only the “term” of the policy. If you live beyond the term, the policy may be renewed if you are in good health and willing to pay a higher premium. Otherwise, there is no coverage.
In contrast, a universal life policy is permanent protection. When it is purchased, it is intended to be in place for your entire lifetime as long as premium payments continue to be made. The unique structure of a universal life policy allows you to add coverage when you have children, increase coverage when a second mortgage is taken on for a vacation home, or even decrease coverage in later years when final expenses are the primary financial goal.
All of this can be done with one policy—a policy you can qualify for today, when you’re as young as you’ll ever be and hopefully in great health. We represent over 27 different life insurance carriers, so we can narrow down exactly the policy that works for you and your unique situation. That's just one reason to deal with an independent agency.
