Most people look at life insurance as a means to protect their families from financial difficulties in the event of their deaths and the consequent loss of income. The quantum of insurance that is taken that is taken is usually based on the expected future financial needs of the family and may be limited by the amount of premium that can be paid. The problem with this concept of insurance, known as Term Life Insurance, is that at the end of each policy period, if the insured person is still alive, the money paid as premiums is gone. While Term Policies are the most popular form of life insurance, it will be wise to look at Universal Life Insurance as a means of providing financial protection to a family while at the same time adding to your savings.
The insurance premiums for Universal Life will be higher than at of a Term policy of the same value. In the case of the death of the insured, the insured amount will be given to the nominees, just as with the Term Policy. But unlike a Term Policy, in the case of a Universal Policy, if the insured survives the policy period, the amount paid as premiums along with accumulated interest, is given back to the insured. Additionally, a Universal Policy offers the benefits of flexible payment terms and premium amounts and well as allowing the policy holder to borrow or withdraw from any available cash value. A Universal Life Insurance policy is not for everyone – it depends on the family’s financial position, savings and assets. It’s best to get expert guidance when deciding on the type of insurance you should take. At Allied Brokers, we have been helping our clients find the right insurance for their needs for over 50 years. Call us at (650) 328-1000 or email email@example.com and we’ll be happy to talk to you, understand your insurance needs and advise you on what is best for you. Visit our website http://www.alliedbrokers.com/ to learn about the range of insurance products we offer. Or click here to ask for a free quote.