For Life Insurance Awareness Month 2015, this three-part blog series will provide basic information on the different types of life insurance and help you determine which kind is best for you. When choosing between the different types of life insurance, always make sure that you are purchasing enough for you, your family, and your future.
#3. Universal Life Insurance
Universal is somewhat of a mix between term and whole life insurance. If you want more flexibility with your life insurance plan, consider a universal policy.
- It's flexible. You can pay in level premiums, or you can increase and decrease payments at different times in your life. In addition, you can increase and decrease coverage as your level of need changes.
- With universal, you must review your policy often because of changes that can happen based on interest, loans, or withdrawals.
- If you take the time to set up your universal policy properly, your death benefit will increase over time. Therefore, you can be proactive in avoiding possible insurability problems in the future.