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Universal Life

Life always brings the unexpected. Prepare for important events in your family’s life by getting insured with a universal life plan. Whether it’s paying for college tuition, a down payment on a home or car, or getting married, a universal life insurance plan will help you with those important life moments. Feel confident knowing you and your family are prepared for the unexpected.

What is Universal Life Insurance?

Universal life is a type of flexible permanent life insurance that offers the low-cost protection of term life insurance as well as a savings element which is invested to provide a cash value buildup.

The death benefit, premiums, and savings element can be reviewed and altered as the circumstances of the policy holder change. Unlike whole life Insurance, universal life insurance allows the policy holder to use the interest from his or her accumulated savings to help pay premiums.

How does it work?

With a universal life insurance plan, you have the ability to put money into a savings component in your Universal Life policy. This “cash accumulation” grows at the policies guaranteed rate (average UT rate being 3%). This gives your money the ability to grow while being accessible rather than sitting in a savings account with little interest. As long as you pay your Insurance premiums, and have properly funded your policy, you are able to take a loan out on your money by borrowing against your cash value.