What is Universal Life Insurance?
Are you looking for the best universal life insurance policy to protect your family?
If you require help for your life insurance needs then you should consider an OHANA life insurance provider. We offer affordable life insurance policies for clients that will restore not only lost income, manage offset expenses but also provide financial security.
The difference between whole life insurance and universal life is that the former provides steady cash value gain in addition to a level rate. the latter on the other hand gives you the freedom with the option to adjust both the death benefit and premiums. You can invest premiums with the cash value to save money in different ways.
You can increase the premium to increase the death benefit if you want, in addition, to increase the minimum amount that will be added to the cash value which will be added to the policy on an international aspect. You have either pay the premiums every month through cash or via returns of small investments to keep the policy effective and growing.
One of the biggest benefits of an insurance policy is to allow the holders to utilize the cash value. It includes requesting funds along with the policy as collateral, medical expenses, cash withdrawal, and strategies for how death benefits are paid to beneficiaries in addition to fulfilling the existing premiums.
When is the right time to buy universal life insurance?
Young and middle-aged people are the right age group of clients to avail universal life. Universal policyholders have to take care of investment horizon and risk appetite. Clients with no other investments prefer the universal life cover over the whole life due to its flexibility and power.
Since young people do not have a track of investment record they opt for universal life. Some policyholders even have the option to pay premiums and cash value as they may. Considering the higher returns and flexibility, young couples opt for it too.