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Learn more about universal life insurance benefits with SelectQuote.
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Three Key Advantages of Universal Life Insurance
Permanent life insurance policies, such as universal life insurance, offer a variety of advantages depending on your coverage preferences and priorities. Learn more about the benefits of this policy type below.
1. Potential Return of Premium
Some universal life insurance policies offer a return of premium option. This means if your needs change and you decide to cancel your policy, you’ll get some of the money you spent on your premiums back. This feature will depend on your specific policy and carrier, and many companies that offer this benefit will only offer the return of premiums for a certain length of time. The percentage you’ll get back can also vary, so be sure to review the terms of your policy before pursuing a return of premium.
2. Cash Value
While the main reason most people purchase a life insurance policy is to ensure their loved ones receive a death benefit when they pass away, universal life insurance offers the added incentive of a cash value component. This cash value can be used as a savings account, can be borrowed from to pay for expenses like retirement or a child’s education, or can even be used to pay your policy’s premiums.
3. Permanent Life Insurance Coverage
As a type of permanent life insurance, universal life insurance provides coverage to last your lifetime. Just like whole life insurance, as long as premiums are paid, the policy will only end when you pass away or surrender the policy. If your coverage needs change with time, you might also be able to decrease your death benefit without having to purchase a new policy. This could be beneficial if your budget or financial responsibilities change.When it comes to permanent life insurance, universal life insurance can be a great option for many policyholders. Overall, this policy type offers many benefits. With lifetime coverage, a cash value component, and the option to get a refund on your premiums, universal life insurance offers consistency and financial flexibility.
Let SelectQuote Help You Find the Right Life Insurance for You
While term life insurance tends to be the most affordable option for coverage, there are many reasons people might benefit from the consistency of permanent policies like universal life insurance. The easiest way to find out whether universal life insurance is right for you is to let us do the legwork for you. In just minutes, we can provide price and coverage comparisons from trusted insurance carriers, helping you navigate your options to find the one that makes the most sense for you.
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