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There is a wide variety of possibilities for life insurance purchases. There is term life insurance, but many pick universal life insurance as it is a terrific alternative with many benefits. In the purchase of any life insurance the assumed goal is the knowing that loved ones will be financially cared for in the event of an untimely death. Ask your employer to make available the information on the kinds of policies available. Life insurance is a way to prepare your family for an uncertain future with the assurance that no matter what may happen, everyone is protected and relieved of the challenges that otherwise would face them.
Universal life insurance is a kind of policy that is both flexible and permanent. While term life insurance decreases in its value, universal actually accrues value over the years. Interest is assumed as you pay your policy premiums every month. As time progresses the amount available in your policy grows. Generally the policy covers both you and others who listed on the policy, but often a policy holder will elect to extend coverage to his or her spouse as well. A small investment like this can mean big peace of mind when it comes to the future of loved ones.
When the inevitable occurs and the insured passes away, a death benefit is granted to the beneficiaries of the policy as a lump sum of cash. This money can then be used for any expenses incurred for funeral expenses, living expenses, mortgage or rental costs, and the continuing education of the children. How benefits are allocated is determined by the insured.
Universal life insurance means that your family is covered in time of need. And, as an added bonus, one can take out loans on the value of the policy, which allows the insured to enjoy benefits while still living.