UNIVERSAL LIFE POLICIES
At CSN Insurance Services in North Las Vegas, Nevada our team of insurance industry professionals can articulate why purchasing a universal life policy may prove to be the best option for you and your family. A universal life policy is a form of permanent insurance which is designed specifically to provide a lifetime benefit. Because of this, insurance premiums for a universal life policy are generally higher than those for a term life policy, but unlike a whole life policy the death benefit can be raised or lowered, which has a correlated effect on the premium the policy holder pays.
In laymen’s terms a universal life policy offers great flexibility than either a term life policy or a whole life policy. As the financial dependence on the head of household changes, the death benefit paid to the beneficiary can be increased or decreased, which in turn raises or lowers the premium paid by the policy holder. As an example, once your children have graduated from college or you have paid-off the family’s primary residence, the need for an elevated death benefit decreases. With a universal life policy you can lower the death benefit, which will decrease the monthly premium you pay. And much like a whole life policy, universal life policies have the potential to build cash value, which creates a pool of money you can borrow against in the event of an immediate need.