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Universal life is the second-most popular form of life insurance. Here's where to find low cost universal life insurance with a reputable company. What is universal life insurance? A Universal life policy is a flexible type of policy that allows you to change the amount of your death benefit and vary the amount of your premium. It consists of two parts: 1. pure life insurance and, 2. a cash value account that earns tax-deferred interest. What are the benefits of universal life insurance? The primary benefits of universal life policy as opposed to other types of policies is that you can increase or decrease the amount of your insurance, and increase or decrease the amount of your premium. For instance, as the mortgage on your home declines you'll need less life insurance to pay it off after your death. With universal life you can lower the amount of your insurance to coincide with your decreasing mortgage. The money you put into your cash value account earns tax-deferred interest. You can increase the money you put in your cash value account and withdraw it when you want. If there's enough money in the account you may be able to skip paying your premium altogether if the interest is enough to pay for your premium. Your beneficiaries will receive the proceeds of your policy without having to pay taxes and without going through probate. Where can I get low cost universal life insurance? The best way to get the best rate on your premium and the highest rate on your cash value account is to go to an insurance comparison website where you can get rate quotes from a number of companies and compare them. (See link below.) Before you purchase a policy make sure you check: * The guaranteed rate of return on the cash value account * All fees and miscellaneous charges * The minimum premium required to keep your policy in force Visit http://www.LowerRateQuotes.com/life-insurance.html or click on the following link to get low cost universal life insurance quotes from top-rated companies and see how much you can save. You can get more tips and advice in their Articles section, and get answers to your questions from an insurance expert by using their online chat service. The author, Brian Stevens, is a former insurance agent and financial consultant who has written a number of articles on getting low cost universal life insurance quotes.
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