If we can say that term insurance is like leasing a car, then Universal Life (UL) Insurance is more like buying a car. To put it simply, UL coverage is designed to be there for the rest of your life instead of a set period of time.
Should I Keep Reading?
Do you want to have a life policy that can provide long-term coverage and flexible premiums? If so, a UL policy may be the right choice for your needs.
How These Policies Work
If you have UL Insurance, you can choose to make payments beyond the cost of the insurance. Why would you opt to pay more than you had to? There’s a good reason. Those extra funds are placed into an account that earns interest; so the funds can grow over time. We will talk more about what you can do with that cash a bit later on. Also, with UL Insurance, you can choose a payment schedule (monthly, quarterly, bi-annually, annually) that works best for you.
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