What to Know About Universal Life Insurance

Oaklyn life insurance policy

When it comes to finding the right Oaklyn life insurance policy, the many different types can become overwhelming. Many people are turning to the more flexible universal life insurance policy over whole life insurance because of its benefits.

Adjustable Life Insurance

Universal life insurance is adjustable. You can reduce or increase your death benefits as needed. In addition, you can pay the amount you choose on your premiums and can even choose when you pay them, although there are some restrictions.

Increasing the Value

Increasing a universal policy’s value requires you to pass a medical exam to ensure your health. You can also decrease your coverage, but you may need to pay surrender charges that are equal to your policy’s cash value. When it comes to death benefits, you can choose a fixed amount or allow it to increase in an amount equal to your policy plus its cash value.

Paying Premiums

Your agent can help you choose a payment timetable that is right for you. When you do pay on your premium, part of the money goes into an investment account that will increase in value as the interest grows. Once you have enough cash value, you will be able to use it to pay your premiums. However, you should only do this if you have a financial crisis.

Whether you decide universal life insurance is for you, or you choose a different Oaklyn life insurance policy, always talk to a reputable agent. He or she should be licensed and experienced.