Universal Life Insurance (IUL)

Universal life insurance is a flexible solution designed to meet your needs through all of life’s stages. It provides adaptable coverage that can be adjusted as needed. Additionally, you can access the cash value component of your certificate, offering financial security and peace of mind with affordable life insurance protection.

How Universal Life Insurance Works

  • Universal life insurance consists of two parts: Life insurance coverage and cash value accumulation.
  • The premiums you pay contribute to the certificate’s account value.
  • A portion of this account is used to cover the cost of insurance and any applicable monthly charges.
  • The remaining portion represents your cash value, which grows based on interest accrual.
  • The death benefit is the amount designed to be payable to your beneficiaries upon your passing.

Funding When You Need It Most

Universal life insurance includes an Accelerated Death Benefit Rider that provides an option to receive a portion of the eligible death benefit if diagnosed with a covered illness. This may include:

  • Critical Illness
  • Chronic Illness
  • Terminal Illness

 

If you become terminally ill, you may be eligible to receive a Terminal Illness Loan to help cover expenses or provide supplemental income if you are unable to work.

Schedule a Call with Our Service Agent

To discuss how this program can benefit your family, complete the form below, and our agents will contact you shortly.

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Universal Life Insurance (IUL) FAQs

An insurance agent or producer can be an invaluable resource when purchasing life insurance. Because universal life is such a personalized product that needs to be tailored to your individual needs, we require you work with an agent instead of offering an online universal life insurance quote. Here’s how an agent can assist you:

  • Ask questions about your family, life situation, and financial needs to help you develop your goals.
  • Clarify your options and help you choose the right policy to achieve your goals.
  • Provide ongoing support, answering any questions you have about the policy now and in the future.
  • Guide you through the underwriting and application process, ensuring you select a policy that aligns with your financial goals.

You can Schedule a Call with our service agent to compare universal life insurance options and find a policy that fits your needs.

Your coverage needs depend on factors such as age, financial strength, and family circumstances. Key considerations include:

  • Income replacement: Coverage should be 5-10 times your annual income to maintain your family’s standard of living.
  • Debt and expenses: Consider mortgages, car loans, credit card balances, childcare, education costs, and other financial commitments.
  • Existing savings and insurance: Factor in current savings, investments, and any other life insurance policies you have.
  • Funeral expenses: The average cost of a funeral exceeds $9,000, according to the National Funeral Directors Association.

Balancing coverage and cost involves finding a policy that provides adequate protection while fitting within your budget. Steps to achieve this balance:

  • Assess your needs: Determine required coverage based on income replacement, debt, future expenses, and financial obligations.
  • Understand policy types:
    Term life insurance: Affordable, temporary coverage for 10-30 years.
    Whole life insurance: Lifelong coverage with cash value accumulation.
    Universal life insurance: Flexible premiums and adjustable coverage with cash value growth.
  • Consider your budget: Choose coverage that meets your financial needs without compromising stability.

Our agents can work with you to find an affordable policy that provides the necessary coverage.

Before applying, determine how much coverage you need and what type of policy suits your goals. For more complex coverage needs, consult an agent to build a customized policy.

Feel free to Schedule a Call with our service agent to compare options and find a policy that fits your needs and budget.

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