Universal Life Insurance

Online Guide to
Universal Life Insurance

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Universal Life Insurance
Universal Life Insurance (n. - definition) - an insurance policy that combines low cost term insurance protection with a seperate tax deferred variable savings component.
Universal Life Insurance

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  • Universal Life Insurance policies are state specific and not all insurance companies offer Universal life insurance policies to residents of all states.

  • Universal Life Insurance policies provide permanent coverage on the life of the insured.

  • Universal Life Insurance policies are quite similar to whole life insurance; however, they have more flexible terms than whole life insurance.

  • Cost for policy issuance is a function of the age(s) of the insured, their health condition, their smoking habits, the amount of life insurance coverage wanted, and the payment period wanted.

  • Payments into Universal Life Insurance policies are flexible. Typically, payments can be made at anytime and in any varying amount.

  • Universal Life Insurance policy owner's can adjust the death benefit based on the cash value in the policy. Increases in death benefit available upon evidence that insured is still insurable.

  • A portion of the premium paid is credited to a cash value tax deferred cash accumulation account.

  • The issuing insurance company credits interest to policy owner's cash accumulation account. This rate varies from underwriting insurance company to underwriting company and changes from time to time.

  • As long as there is cash value in the policy to cover premium costs the policy stays in force.

  • Policy loans are available.

  • All Universal Life insurance policies have a named owner, a named insured and named beneficiaries designations. These three different designations can be the same person, but in many situations they are not necessarily set up with the same designations. Which designations are the most appropriate to use depends on different variables and situations.

  • Someone or a company or a organization can be the owner of a Universal Life Insurance policy on someone else's life only when he/she or a company/organization has an "insurable interest".

  • Most Universal Life Insurance policies are issued only after a medical questionnaire and in some cases only after medical tests.

  • Effectively, once a Universal Life Insurance policy is issued by the insurance company that policy is guaranteed without a new physical, no matter your health condition, as long as the owner pays the premiums on time.

  • The death benefit payable to a beneficiary upon the death of the insured is dependent on the claims paying ability of the issuing life insurance company.

  • The death benefit payable to a beneficiary is income tax free, and in some cases estate tax free, which is dependent on a number of factors.

  • Some life insurance companies offer 2nd to die Universal Life Insurance coverage which is payable upon the death of two or more lives.

  • Some USA based life insurance companies offer policies for non USA citizens, non USA residents.

  • Some life insurance companies offer affinity group whole life insurance, group life insurance; some other insurance companies offer features which provide benefits under certain medical conditions during the life of the insured and some combine life insurance with long term care insurance.

  • Some financial professionals feel from a financial value perspective the one should consider "Buying Term and Investing the Difference" versus the purchase of other types of life insurance policies.

  • Universal Life Insurance policies are used for numerous situations and for many purposes, including: estates, business purposes, buy-sell agreements, key employee plans, executive bonus, split dollar, golden handcuffs, retirement plans, educational funding plans, etc.

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