There are different forms of universal life insurance available to Houghton, IA residents through Universal Life Insurance Pros. Ordinary universal life insurance is a flexible option that allows you to build cash value that is tax-deferred, receive tax-free death benefits, and have access to your cash value through loans or withdrawals. Survivorship universal life insurance is a form of universal life insurance that will cover two people with death benefits paid after both have passed. It is often less expensive and offers all of the same benefits of universal life insurance. Joint universal life insurance also covers two people, but is paid on the death of the first person instead of the second. It is also less expensive while offering the same flexibility as the other universal life insurance options.
There are many different factors that can affect the minimum premium of universal life insurance. Just like any other life insurance policy, your age, gender, health, and lifestyle will impact the cost. However, there are many options for customizing universal life insurance to suit your needs, and regardless of the minimum required premium payment, you will have the flexibility of adjusting the frequency of payment and investing in your cash value.
When you call Universal Life Insurance Pros at 888-304-7775, we'll gladly answer all of your questions and even explain the answers to questions that you didn't think to ask. We are familiar with all of the frequently asked questions and frequently forgotten questions that will impact your decision to purchase Houghton, IA universal life insurance. Consider some of the following questions.
Just call Universal Life Insurance Pros today at 888-304-7775 to get your free life insurance quotes right away!
Missing a payment with a universal life insurance policy is not a major obstacle. Because you invest in your cash value with each payment, any missed payments will automatically be paid by this cash value. However, if you continue to miss payments or if your cash value is already too low to cover a missed payment, your coverage will eventually be canceled for lack of cash value to make the payment.
In most cases, the money that you withdraw from you cash value comes from the portion of the premium payment that you invested in that cash value. For this reason, you will usually not have to pay taxes on your withdrawal. As long as your policy is not classified as a Modified Endowment Contract, even taking out a loan on your policy will not be taxable income.
Withdrawing on the cash value of your Houghton, IA universal life insurance policy simply lowers the cash value on your contract. If loans are not repaid prior to death, then the unpaid balance will be deducted from the death benefit of your policy.