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Universal Life

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To get Universal Life quotes, use this Quote Request Form or call us at 1-800-722-9053 so we can take the information down over the phone.

The Best Life Insurance

The best life insurance for you is the one that best suits your personal needs.

There is no one type that is the best of all that everyone should get.

There are different reasons to buy life insurance and the reasons determine the type that should be obtained.

The three categories are Universal Life, Whole Life, and Term Life. Which one you should buy depends on how long you need life insurance and why you need it.

Is Universal Life insurance right for you?

Buy Universal Life insurance if you need permanent life insurance that does not expire like term insurance does and you prefer it's features over the features of Whole Life.

Universal Life is not an investment and is not a savings plan. It is financial arrangement based upon promises contained within an insurance contract.

Universal Life can have either a flexible premium or a guaranteed level premium. Unlike term, there is no fixed expiration date.

If a flexible premium is an advantage to you, then this is the product to buy.

permanent insurance

Another choice, Universal Life with a lifetime fixed premium, is like a "permanent term insurance" and is included in the online insurance quoting. The level premium is provided by a "no-lapse" or "secondary" guarantee in which the insurance company makes a guarantee, in addition to the usual guarantees, that if the specified premium is paid, the policy will stay in force for life.

We can get flexible premium quotes for you. They are not available online by consumer input. We must get the quotes for you.

Reasons to Buy Universal Life with Flexible Premium:

Flexible Premium Quotes

The premium quotes are from the respective insurance company. We do not make them up. No life insurance agent/broker/producer can alter or negotiate the premiums which are set by the insurance company alone.

All quotes for life insurance are based on particular risk categories. Your personal classification will determine what the actual final premium rate offer from the insurance company after your application is processed (underwritten).

If you see apparently different quotes for the same product from the same life insurance company, that does not mean that one producer can get you a different price than another.

It just means that different factors were used in generating the quote. The rate is set only by the insurance company. The agent or broker who gets the quote for you can not influence or affect the rate.

The actual rate that you as an individual may be offered by any particular insurer may differ substantially from quotes you receive, especially if the original quotes are too optimistic regarding your personal risk classification.

Level Premium Rate Increase

An alternative to the flexible premium situation is to buy Universal Life that has a no-lapse guarantee, i.e., the policy is guaranteed to stay in force for life if a specified level premium is paid on time.

It is possible that regulators may require more in reserves for such a no-lapse guarantee. If reserve requirements for these policies are substantially increased, premiums will likely increase significantly and the opportunity to get such low cost permanent life insurance may be no longer available.

The major indication that this may happen is the fact that the premiums for guaranteed level premium Universal Life is about half that of Whole life which for the most part is doing the same thing. How can it be possible that one way of constructing a policy can result in a cost so low in comparison to another product that accomplishes the same result? It indicates that there could be a deficiency somewhere.

However, if you buy before any such regulatory requirement is introduced, by being a prior policyowner at that time, your life insurance policy will not be affected and you will be able to continue to take advantage of the low premium. It is highly unlikely that regualators would ever attempt to change the terms of already existing policies.

Articles on Universal Life: Article 1 Article 2 Other Life

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Use this quote request form or call us at 1-800-722-9053.