What is universal life insurance?
Universal life insurance is a permanent insurance policy, which means it provides coverage for life. When the policyholder dies, the plan leaves a guaranteed amount of money to the beneficiaries on file. This amount is called a death benefit.
In addition to the death benefit, a universal life policy also contains cash value. The cash value grows tax-deferred, or tax free depending on the plan, until funds are withdrawn.
Universal life insurance provides an additional level of flexibility, which makes it stand out from Term and Whole life insurance. It allows policy owners to modify the amount and frequency of premium payments as long as there is sufficient cash value in the policy to cover monthly deductions.
Funeral insurance, often called “Burial insurance” refers to a whole life insurance policy with a death benefit between $5,000 – $25,000. The main attraction to this policy is the death benefit of covered funeral and burial costs, hence the policy’s nickname.
A disability income rider is a very valuable add-on available to policyholders when they seek a life insurance policy. Disability Life Insurance is an available option under Term Life, Whole Life, Universal Life, and Guaranteed Universal Life Insurance policies through Local Life Pro.Today.
No Medical Exam
Here is the huge edge. No paramed examination means no pee, no blood, no needles and not even a nurse in sight.
Permanent Life Insurance
Permanent insurance provides lifelong protection, and the capacity to accumulate cash value on a tax-deferred basis.
An accelerated death benefit rider (ADB) is a benefit that may be attached to a life insurance policy that permits the policyholder to receive cash advances from the death benefit in case of being identified as having a terminal / chronic / critical illness.
Quick Life Insurance
It’s quicker, way quicker! Like a hare racing a tortoise, and actually finishing. We complete the process by phone and then you sign it. If approved, your policy may be in place in as tiny as 24-48 hours. How’s that for quick?
Keep you and your loved ones covered with an affordable, easy access, final expense insurance. Find final expense quotes with Local Life Pro Today.
What Are The Features Of Universal Life Coverage?
- Your benefit and premium amounts are flexible
- This coverage can build cash value.
- You can keep the coverage even if you leave state employment or retire.