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What is Universal Life Insurance?
Universal life insurance was developed in the early 1980's and has improved several times since then. Universal life insurance differs from whole life in that it allows the policy owner to vary, within certain guidelines, the amount and timing of premium payments and the death benefit. These changes can be made while the policy is in effect.
Your choices must fall within the company's specified minimum and maximum amounts. These guidelines are set to meet life insurance regulations and maintain healthy relationships between premium, face amount, benefit and cash value.
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Premium Options for Universal Life Insurance
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Select a minimum premium to guarantee the death benefit to age 120 without concern for building cash value...thus, creating a "permanent term" plan. Our general recommended choice.
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Pay more into the plan in order to build tax-deferred cash value as a supplemental investment.
Universal Life Insurance Cash Value Options
It is not guaranteed, but it is possible the cash value in a universal life insurance policy could grow faster than is needed to pay the cost of insurance. You can generally choose how that money is used:
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Leave it there and accumulate interest. Taxes won't be due until you take it in cash and future premiums may be reduced.
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Take it out in cash. The funds would be treated as taxable income and lower the policy's cash value.
Universal Life Insurance Death Benefit Choices
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Option A (or Option 1): Level death benefit is equal to the universal life insurance policy 's face amount.
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Option B (or Option 2): Increasing death benefit is equal to the universal life insurance policy 's face amount plus the policy 's account value. Premiums will be higher for an Option B plan.
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Licenses to sell universal life insurance:
Ohio License #104233, California License #0C94325, Florida License #D072714
Alabama, Arizona, Arkansas, Colorado, Connecticut, Delaware, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Jersey, New York, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin
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