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What is Universal Life Insurance and What Can It Do for Me

Universal Life Insurance can do a lot of things for an individual. It can be very beneficial for anyone that purchases it. It is very helpful especially for the surviving dependents of the insured individual. Universal Life Insurance is a type of permanent life insurance where there is a cash value credited in cases of excess premium payments. Besides this, there is a lot more to Universal Life Insurance.

Without delay, discover the almost endless benefits that Universal Life Insurance provides its insured individual. It includes but is not limited to the following:

  • End of life expenses such as medical expenses, and funeral and burial costs
  • Long term care insurance
  • Mortgage acceleration
  • Life insurance retirement plan
  • Financial support for surviving dependents such as spouse and children
  • Payment of debts including personal and business loans, and mortgage
  • Liquidation of estate in instances where taxes for federal estate, state inheritance, and unpaid income needs to be settled
  • Resumption of business and other responsibilities
  • Key person insurance in instances when an important member of a company or organization passes away
  • Executive bonus
  • Controlled executive bonus,
  • Trust funds
  • Non-qualified deferred compensation
  • Term life insurance alternative
  • Whole life insurance alternative
  • Annuity alternative
  • Pension maximization
  • Annuity maximization
  • RMD maximization
  • Creditor/predator protection

Universal Life Insurance however does not only come useful at one’s demise. It actually comes in handy while the insured individual is still alive. Many people use Universal Life Insurance in their living days. It can be beneficial as:

  • Loans – when you start low on cash or where you just really need financial salvation, you can loan from your Universal Life Insurance. It does have effects on how your insurance would be, so talk it out thoroughly with your insurance agent
  • Pension Funding – instead of only using life insurance during or after death for one’s surviving dependents, you can arrange your Universal Life Insurance to become a regular pension you receive on your retirement
  • Split Dollar Agreements – in order for an employer and the employee’s dependents security at the death of the employee, split dollar agreement can come in handy. When the employee dies, his family gets the benefits and the employer is protected from the loss of a worker
  • Collateral Assignments – when you own someone or an organization money, you can sign up for collateral that in case of your death, the lender will be paid the amount due to him
  • Withdrawal – in some instances, one can withdraw money from the universal life insurance without paying tax for it. This however affects the growth of interest of the insurance

Universal Life Insurance can help you in so many ways possible. It is not only beneficial at your demise but you can live to experience the uses of your insurance. It may just be what you need now. Talk to your insurance agent about it.

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